6 Risk Management
Weather Risks
The changing of weather patterns (global warming) can affect business operations. To prevent this, we can forecasting the weather patterns of the future (a week or more) and prepare procedure to reduce loss.
Fire Risks
Fire accidents occurs since there are lots of paperworks and furnitures in the office. These materials can cause fire.
Making sure:
(a) All employees know all the fire exits of the building.
(b) Inform all employees that their safety takes priority over everything else.
(c) Install fire alarms and smoke detectors.
The changing of weather patterns (global warming) can affect business operations. To prevent this, we can forecasting the weather patterns of the future (a week or more) and prepare procedure to reduce loss.
Fire Risks
Fire accidents occurs since there are lots of paperworks and furnitures in the office. These materials can cause fire.
Making sure:
(a) All employees know all the fire exits of the building.
(b) Inform all employees that their safety takes priority over everything else.
(c) Install fire alarms and smoke detectors.
Human Risks
(a) Employees may suffer from sickness and urged to seek medical treatment and rehabilitation. To prevent loss of productivity, it is suggested to assign a backup personnel to handle the work when their partners are absent.
(b) Thefts in workplace is common. To prevent this, we have to hire right person, check their background information clearly before hiring them. Secure the building by developing a comprehensive security plan.
Technology Risks
Power outage, data breaches, network failure, electronic fraud are the most common technology risk. Make sure all computers are running with high-performance back-up batteries. This avoid the loss of documents and customers’ data.
Insurance is the peace
Insurance is a principle safeguard in managing risk, and many risks are insurable.
-Fire Insurance
-financial coverage insurance
-Injury coverage insurance
-Product liability insurance
Source: Identifying and managing business risks. Investoperdia. Retrieved from.
http://www.investopedia.com/articles/financial-theory/09/risk-management-business.asp
SOURCE: MEANING OF CONTINGENCY PLAN. RETRIEVED FROM.
HTTP://EN.WIKIPEDIA.ORG/WIKI/CONTINGENCY_PLAN
Contingency Plan
A contingency plan is a plan devised for an outcome other than in the usual or expected plan.
The contents of a contingency plan contains a list of possible disasters, emergencies and threats and instructions & solutions of how to deal with the problem. The plan can reduce significant losses.
Source: Meaning of contingency plan. Retrieved from.
http://en.wikipedia.org/wiki/Contingency_plan