Work place

Identify Risk At Early Stage To Mitigate The Legal Risks For Your Business

Every entrepreneur seeks business success. Since you want the same thing, act now to help your business manage its risks. Risk management is part of business planning. The process of managing risk is meant to reduce or do away with the events that could have a negative impact on your business. It entails identification, assessment and prioritizing of different kinds of risks. As soon as the risks are detected, the risk manager can create a plan to reduce or get rid of the impact of the negative circumstances. Risk management strategies are many, including the use of the best enterprise risk-management standards developed by ISO (International Organization for Standardization).

Understanding the types of risks you face

Different sorts of risks exist and you need various risk management plans to mitigate or eliminate them. Common risks include fire or accidents on your business premises and catastrophic events triggered by nature. As well, your business risk can be legal: sexual harassment lawsuits, accounting frauds, and theft. Additionally, risks can arise from your normal business practices, volatile nature of the money markets, poor data handling and storage, unpaid loans, and project failures. If you want to be in control always, take the time to understand your business risks.

What are the goals of risk management?

After you have identified your business threats and risks, and decide to manage them, the next big action to take is to come up with goals. The biggest goal you should aim at is to protect your enterprise from being at risk. Other small goals should include protection of your employees and customers’ welfare. Furthermore, you should aim to shield general public from negative events that may affect your business premises and them. Proper risk management practices are also about the conservation of your physical facility, data, and records storage systems and physical assets like business vehicles and equipment. Although all business risks can be costly, you don’t want persistent legal battles. Hence, your main goal when developing risk management strategies should be to protect your business from legal consequences.

The best solution – ISO31000:2009

The risk management principles and guidelines provided by ISO31000:2009 are the best solutions you have. They entail a framework, a set of principles and a logical process of managing risk. With this solution, you can do the most effective enterprise risk management in India. It will be an effective way of identifying opportunities and threats and allocate your resources wisely. The ISO31000 is easy to install if you consult an expert like cunixinfotech.com. It entails only eight steps that you won’t have to carry out yourself.

CUNIX will be happy to do this task for you in exchange for a manageable fee. The company offers a Risk Management workshop. This workshop is conducted to create awareness to the targeted audience. It includes a lot of training via several case studies to boost the participants’ level of understanding and to assist them to develop a habit of managing risk in their businesses. Second, CUNIX offers Risk Management Consulting. This entails help and guidance on how to implement ISO31000:2009 steps. By – cunixinfotech.

Know How of CMMI #1

This is a weblog series. You are reading first (#1) log of the series. Please follow us regularly to know more about CMMI and to not miss any links in between. We would love to hear your valuable comments and suggestions.

  • CMMI stands for Capability Maturity Model Integration.
  • CMMI is a framework for business process improvement.
  • CMMI is NOT an engineering development standard or a development life cycle.
  • CMMI is meant to help organizations improve their performance of and capability to consistently and predictably deliver the products, services, and sourced goods their customers want, when they want them and at a price they’re willing to pay. From a purely inwardly-facing perspective, CMMI helps companies improve operational performance by lowering the cost of production, delivery, and sourcing.
  • CMMI’s a place to start, not a final destination. CMMI can’t tell an organization what is or isn’t important to them. CMMI, however, can provide a path for an organization to achieve its performance goals.
  • CMMI doesn’t have its own context; every organization has its own unique one to implement CMMI.
  • What CMMI practices are, are practices that improve existing work practices, but do not define what those work practices must be for any given activity or organization.

Next log of this series will be focussing on “what CMMI can be useful for”. Watch out the space for next updates and post your queries if any at veer@cunixinfotech.com

CUNIX is a Management Consulting Organization. One of the Top 10 CMMI InstitutePartners worldwide providing CMMI Consulting Services & CMMI Certification in India & Internationally along with ISMS Consulting, Project Management and Risk Management.