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Business Risk

We are all aware of how important it is to safeguard your business. Your marketing strategy needs to spend time in assessing any areas of reputational risks – no matter how painful it may be to contemplate areas of failure. However  without this assessment, your business no matter how large or small can be at risk. Look at what has happened recently to News International and Barclays Bank.

“Roads to Ruin, A study of Major Risk Events: Their Origins, Impacts and Implications” in 2011 by the Case Business School has highlighted seven key risk areas for organisations.

These include:

  • Board Skill and Non Exec Director control
  • Board Risk blindness – a failure to recognise risks to the business model, reputation, and licence to operate
  • Inadequate leadership on culture and ethos
  • Poor or defective internal communication with the company and up to board level – again Barclays Bank has seen the impact of published emails on its reputation
  • Risks resulting from organisational complexity and change – especially during acquisitions
  • Risks from the impact of incentives and staff behaviour
  • Risks resulting from inadequate risk management and the inability of internal audit teams to report and discuss potential dangers

The Institute of Directors has published Business Risk, a practical guide- dont leave it too late!