The Key To Business Survival Is Regular Risk Management – Know How?

Regulatory risk involves a scenario where the company, service, business or a specific market gets a notice to subscribe to the laid down laws and regulations or lose their ability to function under a set of rules. While we’re learning about regulatory risk management, it is essential to understand the basics to it before progressing further –

What is regulatory risk management?

Regulatory or business risk management involves bringing in a legislation that takes care of the changes that happen over a period of time. The classic aspects of risk management include – a) The business itself – there is various laws and regulations in place that talk about how to conduct a business model and how to progress with various sections of the overall organization. b) The sector – industry-specific businesses have more to look into than commercial services vetted out by small-scale businesses. Big businesses, in something like biosphere or nanotechnology or for example nuclear energy has more stringent guidelines than companies that may be operating in less complex business environments. c) The market – market specific requirements are also the reason most companies struggle with regulatory risk management. Most of the market-specific guidelines keep changing and yet remain discreet from the stakeholders, leading to an ignorant phase of managing regulatory risks.

Why regulatory risk management should be considered in every stage –

Yes, it is essential to understand that regulatory risk management is not a one-time process, it is an essential required in every stage of business. Materially, a change in regulatory risk patterns and risks can hamper the security, business environment and the overall achievements in that particular sector. Change in laws and regulations can moreover increase the operating cost of the business and reduce the attractiveness of an investment. This can also happen with a change in the competitive landscape but we must break it down to completely be in charge.

Regulatory Risk – factors and challenges

Taking the example of financial institutions, it must be understood that regulatory risk can have an impact due to the investors as well as the stock market – i.e. the sector and the market. Regulatory changes in such financial institutions change the overall game by reducing the margin in investment and increase the overall cost of running the very service. This, though mandatory and regulatory in nature, can be a problem for firms from time to time. The Solution – hiring a compatible risk consultancy in London The most reliable and advanced risk consultancy in London gives you the tools to be truly in charge of your business without having to worry about the regulatory changes and discrepancies. By levying the right knowledge and sending-in experts with years of experience in the very field, your company’s governance, risk and compliance policies will be handled professionally when you decide to outsource your regulatory risk management requirements to Assured GRC. What are the benefits of hiring a confident and experienced risk consultancy in London? Let us figure out – 1. Having in place a risk consultancy in London gives you the opportunity to work closely with colleagues and clients on the provision and selection of group risk benefits. 2. When the consultancy takes your burden away, you get the time to be involved in the administration of clients with regards to all aspects of their benefits and risks. 3. The risk consultancy in London will help you manage risk benefit providers for your own client base using the best negotiating and influencing skills. 4. Will help in servicing your business deliverables and retaining existing clients. 5. Will help you to plan and organize renewals with clients. 6. Help you liaise with providers, insurers and assist brokers with re-broking exercises. 7. A legal risk consultancy in London will also help you with the verification of providers along with their proper contract terms. 8. Help you deal with client queries on a regular basis. Regulatory risk management never stops and that should be the case with your preferred risk consultancy in London. Proactive approach in this department is the key to see and minimize the impact of the changing regulations and repository rules. From various industries, there’s a relevant requirement for such risk consultancies as they not only save time but also improve the overall productivity of a business by helping the resources align better and progress in a risk-free environment. Regulatory risk management is a necessary and unavoidable scenario that is accounted for in all businesses (whether small or large) to function in the right sense and with the right set of compliances. Thus it is important for businesses to pay attention and grab the opportunity to land a risk consultancy in London, that’s well in budget and yet delivers full time. Londoners are prepping their organisations for the next regulatory change, are you? Look for the complete services and get consultants on hiring or associate basis – today!

Significance of Risk Management in Today’s World

Risk management is one of the most important steps for an organization even if it merely thinks about its reputation and not about the customers. With that being said, let’s not forget that the ‘mere reputation’ is the only determinant as far as the point of widening the customer base is concerned. For the sake of managing all the factors that may expose the organization, it forms a team of professionals who perform the tasks associated with proper risk management. Keeping in mind the current scenario, this pandemic has given rise to a dire competition between both the offline and online organizations. In London, a place that has been affected awfully by this pandemic, every business is going online. Although it can simply be because they are abiding by the new regulations, the fact that now is the time to attract even more customers, can also be an important determinant. Therefore, this scenario gives rise to issues like risk consultancy in London. Talking about the same, a sense of uncertainty can also be sensed amidst the matter at hand. A sense of uncertainty on organizations’ part. Although it’s true that most companies are well equipped to form and maintain risk management some might require outsourcing to do the same. The capital city which hosts big conglomerates like HSBC and Unilever might be one of the most vulnerable, that’s why risk consultancy in London is such a big deal. Even if there are almost all the facilities, be it informative or entertaining, available in the market, there is always a rush in public. A rush to find new websites and exploring the market a bit more. This leads them to look up the internet and seek new possibilities to satisfy themselves. All these people, when they try something new and don’t like it, they viciously write feedback which is basically a complaint about the stipulated product or service and to the company. These feedbacks and reviews give these companies a reality check on what needs to be done. For most of them it’s an integral part of their marketing strategies. But besides being an important determinant for improvements, this feedbacks can also serve as a potential reason because of which the companies might get exposed to any unforeseen external threat. There are many firms who root for these companies to fail so that their customers leave a digital footprint when they go to their websites and write feedback, which eventually helps these firms to the beach the network easily. Risk consultancy in London also comprises cyber-security. Cyber health of an organization is as important as its overall reputation. Just imagine the horror when a company realizes that its network has been breached and all the accounts of its users are hacked and are being treated online. Let’s take a suitable example to fully understand the importance of risk consultancy in London. Udemy Inc is an American platform that provides courses to interested students. A news broke out stating that almost twenty million accounts were breached and are available on the deep web. This is nothing if not a risk to Udemy. Now you see, Udemy is itself an online platform so prior to this news all its users thought it must have one of the best cyber-security cells. But soon after the news flashed, all their assumptions got falsified. So what does a company like Udemy do? It’s clear when it comes to external threats, every company is vulnerable after a certain point. So what should be done in a situation like that? If a breach like this can happen in America, it can be possible in the U.K. too. What should companies in the U.K. do? Events like these shed light on matters like security consultancy in the U.K. When we talk about security consultancy in the UK. instead of jumping straight into the details about the companies that provide these services, let’s stroll through the matter of urgency of these services first. A company might be a tech supergiant in nature, but that doesn’t guarantee that it has a proficient cell that can foresee situations like these. Only forming a cell with experienced professionals in the company isn’t enough when one is dealing with the matter of security consultancy in the U.K. Having a profound knowledge on dealing not only attacks but also the situation that leads up to them is quite important, and that can be done by trusting a third-party company that specializes in matters like these. A security consultancy service providing company has in its team, best security consultants that use their expertise in analytics and mathematics to overcome such situations and they also provide adequate training to the individuals of its client’s cyber security cell so that they are prepared for any further attacks and are well equipped with adequate knowledge on what to do if such situation befall on them.

7 Steps Your Business Can Take To Mitigate Coronavirus Risks

The COVID-19 pandemic is spreading rapidly, with new updates coming every minute. As the situation evolves, many small business owners don’t have any idea about what steps they should take to mitigate risk, protect employees and support customers. Mass quarantines, wide-scale mandated business shutdowns and massive supply chain disruption is the worst-case.

Here are 7 steps your business can take to mitigate risks in case of a coronavirus pandemic.

Follow the Law’s Advice, Warnings and Guidelines

During the Coronavirus crisis, your business will not have a choice. Soon, quarantines could be mandatory, businesses may be closed and travel will be restricted in hardest-hit areas. Health facilities will be overwhelmed, emergency response times will be reduced. Look for regular and widespread health alerts coming from local governments and if they start ramping up efforts to control the pandemic.

Establish a Remote Work Option

With plenty of people already working remotely, there are a lot of free tools business owners can use so that teams can stay in touch and keep working even if they are not in the same place. Implement a remote work policy that covers when you expect your team to be available and how to communicate. To establish a remote work option safely during this Coronavirus crisis, you can get in touch with risk consultancy in London.

Communicate, Communicate, Communicate

Keeping your employees up to date on emerging threats — and the company’s response — is very important. Use your company’s crisis communications now and an informed staff member is much less likely to panic and overreact. Employees should be encouraged to watch for signs of sickness in themselves and co-workers and know to whom they should report their concerns.

Plan For Major Supply Chain Disruptions

In response to the growing COVID-19 threat to their supply chains, some businesses have taken steps to reduce their production capacity by 10 % or more for the next few months, and delay shipments of products by weeks or months. If you need an effective plan for major supply chain disruptions, hire a professional risk consultancy in London.

Give Employees Flexibility

With the country’s complete lockdown, you will need to be flexible with your employees’ time. Some employees may have to leave unpredictably if their child’s daycare closes. Others may have students who come home from school for a spring break and aren’t able to return. Try to understand when something comes up and make sure you have a contingency plan in case you suddenly become short-handed. Hiring an experienced risk consultancy in London is the best way to create a contingency plan if you don’t know how to reduce the risk during the COVID-19 crisis.

Convey Financial Risks Posed By The Coronavirus

With the disturbance of supply chains and offices, there are real attacks to a company’s bottom line in the short and long term. Public organisations need to convey these risks to shareholders and regulators instead that the risks are developing and changing by the day.

Reduce Meetings And Travel

Try to keep opportunities for exposure to the virus to a low level. Postpone any professional meetings or hold them virtually. Skip any conferences or other planned business travel. If your employees get sick because of travel or meetings, you could have a responsibility issue. So, get in touch with a reliable risk consultancy in London for mitigation of coronavirus risks.

Re-Examine COVID-19 Risks Associated With Third-Party Suppliers

Besides the usual risks, analysts should look at risks associated with the countries their suppliers operate in, and those risks should be continuously monitored and updated. If at all possible, start searching for alternative sources for essential components in your supply chain. If you are a startup and don’t know how to protect your business from coronavirus risks, hire a reliable risk consultancy in London. By following these seven steps of risk mitigation, you will be able to mitigate the coronavirus risks. Still if you are not completely sure about risk mitigation, get in touch with Assured GRC.

Get Help From Assured GRC As a Risk Mitigator

If you are looking for a professional risk consultancy in London, get in touch with Assured GRC. Our experienced consultants have significant experience in providing information risk management for various organisations. When you get in touch with our consultants, they will help you by providing advice on the implementation of appropriate risk management processes for a variety of management standards and expertise to review past risk assessments. If you want to know more about risk management or mitigate the Coronavirus risks, contact us at +44 (0)203 4759 932 or management@assuredgrc.com today!