Risk management is a crucial aspect of effective business management, involving the identification, assessment, and mitigation of potential risks that could impact the achievement of organizational goals.
Join James, Sondra and the Explore ProTech Tribe online as they as they discuss Risk Management: Identifying and Mitigating Business Risks.
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Links:
GOSN Booking Link:
https://www.eventbrite.co.uk/o/the-explore-protech-team-30999801177
Subject Matter:
https://www.businessacademycafe.com/blog/b/7-strategies-for-identifying-and-mitigating-risks
Entrepreneurs featured in this episode:
(Feel free to reach out for a virtual coffee)
Sondra Ray: https://www.linkedin.com/in/getitdonecoachinganvaservices
Rob Murray: https://www.linkedin.com/in/rob-murray-72a22a/
Peter Hingston: https://www.linkedin.com/in/peter-hingston-4089a51a6/
Gareth Muller: https://www.linkedin.com/in/gareth-muller-835983142/
Kelsey Anderson: https://www.linkedin.com/in/kelseyranderson/
Mikey Guness: https://www.linkedin.com/in/mikey-guness-89526b271
Sponsors:
Intro music produced by Peach Jam Records - https://www.linkedin.com/company/peach-jam-records-inc/
Vocals by Cheyanne Summer - https://www.linkedin.com/in/cheyanne-summer/
Photography by Joanne Moorhouse Global Virtual Photography - https://www.linkedin.com/in/joannemoorhouse/
Video Intro by Sommerville Lombard https://www.linkedin.com/in/sommerville-lombard/
Timestamps:
0:00 Tribe Song
2:05 Sondra Ray: Hallo and Welcome Everybody
3:36 Rob Murray: Risk Management - Identifying and Mitigating Business Risks
8:51 Peter Hingston: Identifying types of risks would dictate how you would mitigate that risks
11:58 Sondra Ray: How would one go about to do a risk assessment?
12:45 Rob Murray: Practical Risk Assessment Framework in the article
16:36 Sondra Ray: Contracts would be important for preventing risk
19:19 Rob Murray: Clients taking advantage because that risk is not covered
19:48 Peter Hingston: Have you put a plan in place to mitigate your risks?
23:06 Sondra Ray: Review your plan regularly
24:58 Rob Murray: Can clients paying late be seen as a risk?
26:58 Sondra Ray: What if you don't have the capital to invest in risk mitigation?
28:19 Peter Hingston: You can mitigate to a degree without spending money
33:32 Rob Murray: You are not trying to avoid risk, you are using risks more proactively
37:30 Peter Hingston: Could we utilize our plan in guiding us in what we would train our staff?
40:38 Sondra Ray: Building Risk into your process & procedures
41:50 Rob Murray: What is the likelihood for a risk to happen
43:24 Sondra Ray: Review the tools & platform you run your company with often
46:42 Peter Hingston: Sondra's quarterly review will help in building out a risk assessment
51:05 Mikey Guness: Be careful of the incentives insurances offer you
56:36 Rob Murray: Assess the severity of your risk
58:40 Sondra Ray: Wrapping it up
1:01:33 Sondra Ray: Announcements & Thanks
1:02:55 Sondra Ray: May all your wildest entrepreneurial dreams come true