Understand the risk your business faces
14/10/2014
Do you understand the risk your business faces ? As someone who has deep experience in risk management, I thought I had identified all the possible risks my business would face and had the appropriate risk management strategies in place. However sometimes you get blindsided. Take yesterday for example; I arrived at my office only to find the internet down. Not really a big deal as I thought it would give me time to work on other issues, however unfortunately a number of those issues were in the cloud. I am a user of cloud based accounting software and I encourage my clients to adopt this new approach to business software. So as the use of cloud based applications grow there is a need to firstly ensure you have a reliable ISP, in my case it is @telstra #bigpond and secondly you need to identify a mitigation strategy. In this case the most simplest is to go and purchase a wi-fi dongle, which I am using to write this post. I further strengthened that strategy by purchasing from another telco, This way I mitigate the reliance on the on telco.
So in conclusion it is important that you have a risk management plan but remember that the plan is only relevant for a period of time and that it needs to be regularly reviewed and updated. So do you understand the risks your business faces.
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