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Risk assessment

As accountants and business advisors, we spend many hours discussing and advising our clients on business matters. Sometimes events make us ask ourselves if we are walking the walk, not just talking the talk.

Over the summer break, our business manager had an injury, which meant he has only just recently returned to full time work. During his time off, we had to rely on our procedures and cross functional skills to ensure that all duties were performed by someone else and that there was minimal impact on our business.

Satisfyingly, we seemed to cope ok, but it did reinforce to me the need to continually “risk assess” our business and therefore understand the type of risk/cost with regards to: loss of staff; IT matters; third party services; natural disasters and matters which might have an impact on our business.

It’s not possible to cover every event 100%, otherwise we would add significant additional costs to our business, but at the same time as our business evolves, our business risk changes and we need to be aware of this and plan accordingly.

Some questions you might want to think about:

  • Employee related risks
  • Revenue related risks
  • Expenses related risks
  • Quality related risks
  • Schedule related risks

If you wish to discuss any of these matters, please don’t hesitate to give me a call.

-Grant Inglis, Director.

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