Defining risk management plan A risk management plan refers to a written document that encompasses the process an organization has set to combat any potential risks or hazards. To begin with, the process starts by formulating a team of stakeholders who then review potential risks that...
All business owners must embrace the fact that risks are part and parcel of running a business. Every business is bound to encounter risks or uncertainties that will end up affecting cash flows, growth, and profitability. While internal weaknesses might give rise to risks, some...
In a regulation oriented world, businesses face a new scrutiny protocol every day. According to a 2019 report, three-quarters of the companies expect the compliance regulation information by the authorities to increase by 2020. With the ever-evolving Government Risk Management and Compliance (GRC) domain, businesses and...
Compliance refers to corporate practice for adhering to the rules and regulations. Whereas compliance risks identify the financial and legal penalties your business faces when failing to follow the internal and external regulations. Common Types of Compliance Risks Seven types of compliance risks affect most companies. These are: Regulatory...
Businesses tend to ignore the impact of investing money in quality training can have on developing and implementing effective risk and security management strategies. While we understand that it can be due to severe organizational and financial pressures, this should not be the case. To comprehend the gravity of the situation, it is important to first...
Risks are part and parcel of every business, regardless of its scale and size. And, when we talk about risks, it is important to include a rock-solid cybersecurity component in a modern risk management strategy. Rapid technological advancements have increased privacy and security risks. Hence, a...
Benefits play a vital role when it comes to attracting the right pool of talent as well as retaining the existing talent needed to run a successful business. However, before you focus on offering additional perks, you might first want to take a look at the benefits that your...
Risk assessment is an attempt to detect potential risks and hazards that could cast a negative impact on the way an organization carries activities and conducts business. The assessment helps identify inherent risks and proposes preventive measures and solutions to curb or reduce the impact of...
Operational risk encompasses the uncertainties coupled with hazards a company might encounter as it attempts to carry its day-to-day business affairs. In other words, it can also be referred to as a set of unsystematic risks, which varies from one industry to another. A common assumption is that operational...
Workers' compensation classification codes are numeric codes that insurance providers use to categorize various working professions. For example, as a company's employee, you may be working as a contractor supervisor; however, the insurance company will know your job title by an assigned code, i.e., "5606." Insurance companies categorize various work types into classification codes,...