business planning “
In my experience, our first contingency planning target as directors is to understand
the specific risk profile of our own operations Robert Lloyd Griffiths
“
His advice included: • monitor and review your own credit control and invoicing procedures • consider tailoring credit terms for each individual customer • credit insurance and factoring can help to keep the money moving • be aware of costs that can escalate suddenly and make a plan to manage these risks. We were told by lawyers that a business can avoid
breaking the law by simply carrying out regular risk assessments. A commercial crime insurance expert told us that
adequate controls can limit the impact of fraud and dishonesty.
Meanwhile, environmental factors are forcing their
way up the risk management agenda as a result of physical changes around us. This means there are genuine business benefits in
managing efficiently waste and energy use. Moreover, shareholders are taking a growing
interest in environmental matters. Do you have a plan to reflect the new thought processes triggered by climate change? Steve Willis, risk manager at RWE npower/
Thames Water, said that having well-practised business and disaster recovery plans in place indicates to stakeholders that your business is strong and resilient. He told us that:
• continuity planning needs to be driven by the board THEbusiness QUARTER 29 THE QUARTER 29
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