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Investors and shareholders need to ensure that major business risks are covered. Not doing so can cause major losses.

Business risk is often defined very narrowly and that under the business plan and establishing credit. Business risk is much wider ranging effects of materials likely happened on a business ability to achieve set strategic objectives. Professional governance will be affected by market risk broadly and make strategic plans to identify and mitigate risks.

Business risks vary by industry group. Each business unit now has a unique challenges and risks associated with individual business unit. The board should be concerned about the overall risk to the business and consequences of a particular event could have on society as a whole. Some companies face common risks "includes:

Natural Disaster
Customer or employee accidents
Product liability
Embezzlement

Some risks associated with business are less obvious, but can have a devastating effect on the ability a company to continue operating. Some of these risk events are less obvious:

Supplier Bankruptcy
Loss of reputation
War
New products introduced into the market Unexpected

The Board of Directors will often hire a consultant to assist the Board to establish criteria for program management of systemic risks. Most programs will likely start by an assessment of potential risk events. Risk events are events in which the company may not be able to avoid, but if they occur could have a major impact on society as a whole. Typically, risk events are being assign a number from 1 to 5, 1 being not likely to occur and 5 being almost certain to occur at some point in the future. The Advisors can assist the board by adding their extensive experience in risk assessment.

Risk assessment should also consider the potential impact of a particular risk event will have on the company should it occur. Not all risks will be treated the same. If the impact of a particular event is likely not large enough to have a systemic impact on the business' ability to deliver products and services may not need is to be part of the program management of enterprise risk, even if the event risk is likely occur.

Identifying risk events is the first step in developing a program of risk management and the impact assessment is the second. The third step is to develop a mitigation plan. Risk mitigation involves a strategic plan to reduce the exposure of a company at a particular risk event. Specifically, a mitigation plan should reduce the impact of the event will have on the company should it occur. A major element of risk mitigation is covering both the exposure of society as possible with appropriate insurance.

There are several types of insurance a board should consider as part of a mitigation plan in depth, including:

Errors and omissions
Officers and Directors Insurance
Liability Insurance
"Key Man" Insurance

Each type of insurance covers a particular risk. Administrators should carefully read and understand the policies and pay attention to all definitions, exclusions and limitations of coverage. Administrators should definitely hire a lawyer or an agency independent insurance professional to explain in detail a part of politics. Insurance companies often offer insurance standard that can be adapted with additional coverage exclusions or less for additional costs to the consumer. Companies should not assume specific events are covered. A policy of liability insurance generally does not cover an automobile accident involving a delivery truck.

If the organization is not profit or nonprofit basis for the leadership of the Company to manage all aspects of society including the risk. Any plan of risk management will try to reduce exposure while mitigation will try to reduce the impact of event risk has on society as a whole.

Â © Dr. Earl R. Smith II

I serve as a strategic adviser and on boards. Investors and CEOs are my principal clients. I also build advisory boards as business development engines. I have written a book on the subject. Click on the link to get a special price! (http://www.dr-smith.info/books-by-dr-smith/amazing-pace/). My expertise includes innovation, governance, succession planning, mergers & acquisitions, team building, strategic planning, turnarounds and reorganization. http://www.Dr-Smith.com – E-mail me @ DrSmith@Dr-Smith.com.

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