Fund Management - Updates, News and Advice  

Risk Management and your business- discussing the unthinkable

The assets of the business go in and out of the lift every day when they come to work (or stay at home) . The liabilities stay behind.

We all have had many risk management scares over the year. My first that I had not expected was a stabbing outside a night club in Hanover Square. For me it caused a change in my walk to work but it made be think about those that were not allowed into their offices for 24 hours. Similarly, year later my son been evicted from his flat for 24 hours because he lived too close to Borough Market. Then having to prove his identity to move in or out of his flat for the next week.

Now we have a new Risk which is a virus which strikes at the heart of the business the assets that go up and down in the lift. So have you put in place your key man back up policy. Start by looking at who covers for whom when they are on holiday. Then think about who covers for the coverer.

Then think about yourself and who and what covers for you. A returning Doctor to the frontline of the NHS told me the first thing he did after signing up was to go home and put all his financial matters in order.

I know this is not an easy subject to deal with but think of the people that you might let down if you have not made the precautions. Its just very good Risk Management.

Andrew Main

26th March 2020

Tags:   Business   Systems