Every small business owner knows that their great adventure comes with some element of risk. Business risks are different for each industry and should be taken into account as you set up and grow your small business. A risk audit should be completed periodically to make sure you understand how your business may be at risk as well as learning how to reduce your exposure using policy, procedure and staff training.
What Is A Risk Audit?
Designed to review the security of a business from all aspects, a risk audit is a comprehensive assessment of a company’s systems, processes and premises. All individual business projects should be subjected to a risk audit before they begin but an annual risk audit of your whole company helps to protect you from ongoing business risks. Our audits include reviews of the following areas:
- Strategic Risk
- Operational Risk
- Compliance Risk
- Financial Risk
Why Do You Need A Risk Audit?
You have invested everything into your small business, so why put it all in jeopardy? A risk audit is an investment you should make to protect your business’ future. Knowledge is power so when it comes to your company, you need to know all of the business risks you are up against. Once you know the risks, you can work to protect yourself against them. An audit from Global Risk & Investigation Group includes comprehensive documentation so you can clearly see where your business could be vulnerable.
How Often Should You Undergo A Risk Audit?
We recommend small businesses undergo an audit once a year. Small businesses can grow quickly and, as such, the different risks you may be exposed to change and develop. However, with a high quality audit, you can be informed about your risks and take the necessary steps to protect yourself. Annual audits ensure risks to you and your business are always minimised.
Equipped with the information collected by your risk audit, you are in the best position to take steps to protect and strengthen your business. As every business owner knows, a proactive approach enables you to keep ahead of your competitors. Once you know the vulnerabilities, you can develop new processes and procedures to keep your business secure, including implementing staff training sessions. As your company grows, the risks and the severity of those risks will change and increase. It is important a regular audit is conducted so that you are always protected.
Every company will be exposed to different industry risks so there is no ‘checklist’ online to consult. Big or small, your business will have some vulnerabilities. A risk audit will place you in the driving seat and ensure you are the one in control when it comes to protecting your business. Global Risk & Investigation Group can help you strengthen your business, defend against risks and re-enforce your company’s future. We know how much time, effort and money you have invested setting up your own company. Allow us to apply our specialism to your business and complete your next risk audit.