business planning
• without crisis or contingency planning, management may be left floundering in the face of a crisis • those companies with a business disaster and continuity plan have continued to trade and prosper • customers and suppliers want evidence of continuity planning. According to Steve Fowler, from
the Institute of Risk Management, directors need to develop a ‘risk radar’, learning from the past, assessing the bigger picture and having a mechanism to identify and respond to new risks. The Risk Management Standard can help you build the right mechanism. Incidentally, insurance is another solution to help reduce
risk – and properly presenting your business to an insurer will reduce the premiums you pay. To summarise, in a world of increasing complexity and
uncertainty, companies must manage risk more rigorously than ever. It’s an essential aspect of good corporate governance. Surprisingly, however, many still fail to do so, perhaps
because they’re overwhelmed by the size of the task or because they feel they lack the expertise to tackle it. Even more worrying, some remain blissfully unaware of
the nature of the risks they face. Thorough risk management strategies can enable
businesses to identify possible threats – be they legal, financial, environmental or operational – and to introduce systematic plans for mitigation. Those companies that adopt this type of logical and
structured approach to business risks are much more likely to survive and prosper. Yes, use your careful judgement to take risks which will
generate returns – but beware of the risks that are taken unwittingly. My own strategy? That is simply to make the best possible
use of professional advice. Anything you’re unsure of is always best viewed through the eyes of the appropriate professional.
For a copy of an IoD leaflet – Business Continuity: How to Manage Risk and Protect Your Business – e-mail to
iod.wales@iod.com.
30 THEbusiness QUARTER 30 THEbusiness QUARTER
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