Using AS NZS ISO 31000 – 2009 Risk Management Principles and Guidelines, the starting point is to identify risk present in the business, analyse this risk, and the potential consequences and likelihood of a problem occurring and then control the risk. Where appropriate, follow up action can assess how effective the controls are at managing the risk and further intervention may be recommended.
Some Risks are tolerable, and can be controlled, whereas others are intolerable and should be ceased immediately. E.g. allowing the person who does the books account to receipt and bank funds: or allowing a worker to drive a bobcat without training and certification: these are intolerable risks and the activity should be ceased immediately:- the list goes on!
Today, using its unique experience and understanding of business risks, Phoenix Global has a unique ability to identify and analyse risk: creating relevant business policy, or a control strategy in each identified area. We regularly see first-hand, the problems business owners. face when they do not take the time to identify and deal with risk within their business.
Our advice is real…based upon our 30 years of experience..not just academic