Small Businesses Should Outsource Their Risk Management Operations
If you own and operate a small business, you have already discovered many ways in which your enterprise is different from the larger corporations. Cash flow, taxation, paperwork, insurance, liability, registration and licensing, recruitment and retention of staff, marketing and so on and so forth – everywhere you look, you see few similarities. An area that is often overlooked (while it should, in fact, be at the front and center) is risk management.
What is risk management?
The field of risk management is wide and really depends on the particularities of the field you are in. Of course, in the world of finance the risks are generally considered higher, but that doesn’t mean that companies engaged in other products and services are less prone to risk—or less likely to become targets of illicit activity. One very tangible risk factor that exists throughout the current business world is IT security.
Look at the way you manage the risk in information technology within your company – does the internal IT team have enough time, expertise and resources in order to guarantee the best and most reliable protection against hacker attacks, unauthorized access, phishing and the like? More likely than not, you join the majority of other small and medium-sized enterprises that recognize that the threat is out there but do not spend adequate resources to confront it.
How can risk management be improved?
A major problem with the way risk management may be set up in a small business environment (the only greater problem is not having risk management on the agenda at all) is avoiding a direct cost plan and projection for this vital component of your operations. If you do not plan to spend any funds on risk management – how would the necessary resources be found to ensure your company is safe? The next problem is lack of experienced and niche-specific staff. To use the IT example once again, your internal IT team may be able to work miracles in your day to day operations, but may not have the necessary training (or simply the needed time) for efficient risk management work. The sensible and increasingly popular solution to this problem is in outsourcing your risk management operations.
How will outsourcing help?
At Cushnoc Group, we take pride in working with each and every client on an individual basis. As experienced risk management professionals, we are able to quickly find the areas that need improvement, work with your in-house resources to put together and implement action plans, and provide recommendations on changes that are needed in order to create a stable business environment. In our work, we make use of various specializations of true risk management experts as we conduct a complete assessment of the situation, communicating openly with you on the outstanding issues and providing all of the information you require to make sound decisions when it comes to managing the various risks associated with running a prosperous and dynamic small business.
Contact us today to discuss ways we can work together on safeguarding your success and helping it grow.