Get your free risk register template to kickstart your risk management journey.
What is business risk?
Business risk is anything that might get in the way of a company achieving its goals. These risks could come from unexpected costs, changes in market demand or even legal issues.
For small businesses, this might mean a disruption to your supply chain or a tech hiccup that stalls your operations.
Understanding these risks is crucial because it helps businesses prepare for the unexpected and stay resilient, no matter what comes their way. Think of it like an umbrella — it won’t stop the rain, but it’ll keep you a lot drier!
To start managing your risks, download our free risk register template below.
How can I manage my business risks?
Managing business risks involves a mix of preparation, monitoring and response.
Thankfully, there are a bunch of different frameworks and tools you can employ to make the job more simple.
What free tools can I use to manage my risk?
The first step is understanding potential risks you may face. Tools like SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis or PESTLE (Political, Economic, Social, Technological, Legal, Environmental) analysis are great starting points.
These frameworks help you identify and categorise risks, making it easier to address them with confidence.
Having a crisis management plan can be critical for responding to emergencies should they arise. Start by writing down a process for you and your employees to follow to quickly and communicate effectively during disruptive events from a cyber attack, weather events, supplychain issues or more. This will reduce downtime and safeguarding continuity.
Finally, keeping a risk register is a great way to monitor the risks your business may face. Download our risk register template, below, to start organising and managing your business risks today.
What is a risk register?
One simple but powerful tool you can use to stay on top of potential risks is by using a risk register. Risk registers are a detailed checklist where you jot down possible issues that could disrupt your operations — whether financial, legal or operational — alongside their likelihood and impact.
For business owners and CFOs, a risk register is particularly handy as it provides a clear view of where vulnerabilities lie, making it easier to plan ahead, manage risks effectively and prioritise resources.
Want to give it a try? Download your free risk register template below.
Can technology help me manage my risks?
Yes, technology can also be a game-changer when it comes to safeguarding your business, however, you will need to do your research and consider the costs associated with software.
Some ways that technology can help you manage your business risks include:
- Cyber risks: Cybersecurity tools such as firewalls, antivirus software and password managers are essential for protecting against digital threats.
- Project risks: Data analytics platforms can highlight risks early, while project management tools help you stay on track and prevent bottlenecks from escalating into bigger issues.
- Legal risks: Legal software ensures contracts are secure and clear, reducing the chance of miscommunication or missed details.
How can insurance complement a risk register?
While all these tools can help you manage your risks, insurance is there to back you up should things go awry. Insurance forms a part of your business risk mitigation strategy, and there are many different types of cover to suit every business.
Take cyber insurance, for example. It's designed to protect businesses from financial losses caused by cyber attacks, data breaches or system failures. It can cover costs like data recovery, legal fees and customer notifications, helping businesses recover and minimise disruption.
Or, if a third party accuses you of professional negligence, having professional indemnity insurance may help to cover any associated legal costs.
Whether you've got public liability cover, directors' and officers' insurance or business interruption cover, having the right protection can provide peace of mind and financial security when the unexpected happens.
Explore all the different types of cover we offer to find the right combination for your business.
This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer.
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