Business owners
face risks all day in their business. It is unavoidable because every business
decision and action incur a risk of failure. The issue is that decisions and
actions are carried out by all employees at all levels, some major ones and
others less impactful.
Whenever an
operational risk is triggered, it always manifest itself as a 'fire-fighting'
episode. In today's business world, busy fire-fighting is the norm in almost
all organisation. Everything a fire-fighting episode occurs, resources are
wasted and opportunities lost. These affect the bottom-line results and also
employee morale.
There are big
risks that can result in major financial, operational or reputation
implications. These potentially cause more than the frustrating fire-fighting
symptoms. These can cause a total collapse and bankruptcy of organisations,
affecting also personal income and well-being.
The way to
prevent or mitigate risks - be they small, medium, major or catastrophic is to
manage them. There is only one effective solution to manage business risks,
which is to carry out an Enterprise Risk Management ("ERM") programme.
At Jacob Business Armour, we help
organisations implement ERM programme. We identify, analyse, and prescribe
treatment solutions to either prevent the risks altogether or to reduce the
risk likelihood or mitigate the risk impact. Call us for a discussion, and join
the many who have benefited from an ERM programme.
