Risk Management Essentials for Growing Businesses
Discover strategies to identify and mitigate operational risk before it costs you.
Operational risk in a growing business is concentrated in the places where one person is the only one who knows how something works.
Name the single points of failure
List the processes that would stall if one named person were unavailable for two weeks. That list is your risk register, and it is usually shorter and more specific than a formal one.
- Access that only one account holds
- Reconciliations only one person can complete
- Supplier relationships held informally
- Backups nobody has tested restoring
Most of these are fixed with documentation and a second pair of hands rather than with new software.
