Risk Management

The Facts

Do you know what would happen to your business if,

> You were unable to work?
> If a customer or employee had an accident in the workplace?
> If your largest customer was declared bankrupt?
> A competitor business opened in your area?

Would you still be able to trade or would it have a disastrous impact on your business?

UK statistics indicate that there is a poor survival rate of businesses that suffer a major catastrophe. 80% will fail within 3 years of a major fire, indicating that insurance protection is only part of the solution.

Risk Management will help to ease the effect of risks on your business.

Risk Management can be described as the culture, processes and organisation that help a business to evaluate risk , assess its potential impact and plan the appropriate action to take in order to avoid or control the risk by the most economical means.

It is not possible or desirable to eliminate all risks, the objective is to implement cost effective processes to do the following,

> Reduce risks to an acceptable level
> Reject unacceptable risks; and
> Transfer other risks through insurance and other means

Understanding business risks and risk management should be a priority for all businesses, regardless of size.

Risk Management - the business benefits

Businesses who undertake risk management benefit from the following,

> Safer business to own - reduced potential for financial loss means better profits and reduced risk of insolvency
> Reduced costs - insurers offer best terms to firms that are committed to risk management
> Compliance - Health and Safety compliance is the law. It is often a condition of contract or approved supplier status
> Customer impact - Demonstrates commitment to customer welfare
> Fitness for sale - A business with good risk management will be more attractive to buyers
> Best practice - it marks out the well managed business!

How we can help you

Princecroft Willis are experienced and qualified to provide you with a service to analyse the risks within your business.

We can provide an analysis of business areas of your choice, these areas include,

Business fundamentals	Basic security	Employment
Premises	Fraud/Embezzlement	Health & Safety
Building Maintenance	Cash Security	Contracts & Administration
Disaster Planning	IT Security	Vehicles
Environmental	Credit	Financial Protection

After meeting with you to complete a questionnaire based on the relevant areas of your business to be analysed, we will go away and from your answers we will produce an action plan designed specifically for your business. The objective of this is to improve the management of risks so you can concentrate on reaching your business aims. As part of the risk management service we will also,

> Negotiate with insurers to get you the best deal based on your commitment to risk management
> Offer support with the implementation of the action plan
> Progress monitoring
> Creation of your business continuity plan

The first step to improved Risk Management

The first step is to contact our Risk Management specialist, James Robinson, Partner, for a chat to discuss your risk management requirements. James will be happy to answer any queries you may have regarding risk and provide you with a no obligation quote for services Princecroft Willis provide.

For further information or an initial consultation and quote, please contact James Robinson, Partner