Carraghyn - Chartered Directors

Risk Management

Sound business practice is to be prepared for as many eventualities as can reasonably be foreseen, and to take into account business critical risks that would impact the business should the unexpected take place. Risk Management seeks to identify, mitigate and manage business risks so that the business can continue despite adverse conditions brought about by risks becoming reality.

In the Isle of Man, in the mid 2000’s a Victorian sewage system was unearthed during redevelopment and the resulting methane gas danger caused over 20 businesses to be evacuated and as many as had them, for their business continuity plans to be activated. Risk management, whilst unable to take account of every single risk that will ever occur, does set in place plans that when disaster happens, will place the business in the most stable and highest probability of not only surviving, but succeeding through the adverse trading condition it finds itself in.

Boards are responsible for ensuring a company has in place sound risk management and plans, that both satisfy regulatory requirements (if applicable) and provide satisfactory strategy that enables them to discharge their duty of care and skill. The law does not distinguish between large and small companies, and every board, of every company, has a duty to protect the company and to ensure proper risk management is in place; a daunting challenge. Irrespective of the legal obligations of directors to operate an effective system of managing risk it clearly makes good business sense to ensure a company can survive what is likely or probable to happen.

Carraghyn has the expertise to analyse your business, identify and prioritise the risks and produce both a risk management plan and reporting structure that allow the Board to efficiently manage and ensure business risk is considered at the right level and appropriate actions taken to position the business in the best possible way to ensure its ongoing success and profitability.

Our proprietary Risk Management System is designed to provide you with a Risk Management Framework and Toolkit that will enable the directors to monitor and manage risk on an ongoing basis with minimal overhead.

Download the Carraghyn Risk Management System description and pricing here.

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