When you start envisioning all of the potential threats to your company, it’s easy to get overwhelmed. A good way to get a handle on risk management is to break down the overall task into focus areas. Examples include:
Competitive risk. Identify your top three to five competitors. Then devise the strategy it will take to get or stay ahead of them. Think in terms of innovation, production and marketing.
Compliance risk. Many business sectors are now subject to increased regulatory oversight. Be it health care benefits, hiring processes, independent contractor policies or waste disposal, factor the latest compliance requirements into your business objectives.
Internal risk. The economy is far better than it was several years ago. But fraudsters still have plenty of other excuses for malfeasance from which to draw. Re-evaluate and reinforce your internal controls to protect what’s yours.
A divide-and-conquer approach such as this can make risk management much easier. And you don’t have to take on this critical challenge alone. Let us help you choose the right focus areas and then pinpoint risks specific to your company.
Broyles & Company CPAs, LLC