Risk can be a complicated subject to nail down. Especially when it comes to business risks. There are so many possible risks to a business, and so many ways those risks could be exacerbated, it can be difficult to cover everything.
As we’ve mentioned many times on this blog, risk management is most effective when it’s comprehensive. It’s important that you consider risk from every possible angle. One angle that’s often missed is the personal angle. As an employee, or even as a business owner, what business risks do you create?
Data Security Risk
Cyber liability and data security are big topics in the insurance industry at the moment. Any business that carries personal data is at risk these days, but it should also be noted that employees create this risk too. If you carry any data with you when you leave the office, the potential for theft or loss is a risk that needs to be managed.
Any member of staff who deals with customer data also generates this type of risk. If their passwords aren’t secure or if they’re too open in sharing personal data outside work, that’s a risk to your business.
You and your staff are walking billboards for your brand. Whenever you’re representing the business, there is a risk to its reputation. You manage that risk by behaving in the proper manner and making sure you give the best image of the company. It’s vital that your staff do the same, from uniformed customer service staff to high-end salesman schmoozing clients over drinks. They all represent your brand and your reputation.
Property, Casualty & Liability Risks
When you put risk management procedures in place, you are doing more than managing potential property, casualty and liability risks. You are also creating new risks. If your new procedures are not followed, or new equipment not used, the risk of injury or damage could actually be increased.
For risk management to be effective, you need to look at business risks from every conceivable angle. To do this, you need to remember that every member of staff has the potential to create business risks, including you.
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