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Integrating risk management

August 10, 2009
Risk management in a small business should not be a stand-alone program. The Risk Management is associated with many of the management processes and techniques that may be employed to ensure the successful operation of a business.
All of these will interrelate and should complement each other

Common risk categories in small business
By vasanthakumar jagannathan, On 2/16/08 5:06 AM
Common risk categories in small business
Some categories of risk in small business
Financial
This category includes cash flow, budgetary requirements, tax obligations, creditor and debtor management, remuneration and other general account management concerns.
Organizational
This relates to the internal requirements of a business, cultural, structural and people issues associated with the effective operation of the business.
Operational
This covers the planning, operational activities, resources (including people) and support required within the operations of a business that result in the successful development and delivery of a product or service.
Commercial
This category includes the risks associated with market placement, business growth, diversification and commercial success.
Safety
This category includes the safety of everyone associated with the business. This extends from Individual safety, to workplace safety, public safety and to the safety and appropriateness of products or services delivered by the business.
Equipment
This extends to the equipment utilized for the operations and conduct of the business. It includes the general operations of the equipment, maintenance, appropriateness, depreciation, safety and upgrade.
Security
This includes the overall security of the business premises, assets and people, and extends to security of information, intellectual property, and technology.
Service delivery
This relates to the delivery of services, including the quality and appropriateness of service provided, or the manner in which a product is delivered, including customer interaction and after-sales service.
Project
This includes the management of equipment, finances, resources, technology, timeframes and people associated with the management projects.
Technology
This includes the implementation, management, maintenance and upgrades associated with technology. This extends to recognizing the need for and the cost benefit associated with technology as part of a business development strategy.
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