Risk Planning & Management
Every family & Businesses needs to plan for contingencies and unforeseen events. This may range from a minor car accident to a major loss of life. The family should be financially prepared to manage such eventualities.
Risk management is a service offered by GELDLICH Assets Private Wealth to take a complete view of various risks facing the family and to actively provide for the same. The service is intended to identify, quantify and mitigate these risks.
Taking insurance cover is an important component of overall risk management. However, often families face the unidentified issue of insufficient cover, outdated calculations of cover requirement, leaving some risks uncovered (e.g. property). Hence we believe that having some insurance policies is not same as having done careful risk management.
Risk management is process in which businesses identify, assess and treats risks that could potentially affect their business operations.
A risk can be defined as an event or circumstance that has a negative effect on your business, for example, the risk of having equipment or money stolen because of poor security procedures. Types of risks vary from business to business.
You must decide on how much risk you are prepared to take in your business. Some risks may be critical to your success; however, exposing your business to be wrong types of risk may be harmful.
Others include health and safety, project, equipment, security, technology, stakeholder management and service delivery.
We plan risk management in detail strategies for dealing with risks specific to your business. It’s important to allocate time and resources for preparing your plan to reduce the likelihood of an incident affecting your business.
We develop a risk management plan by following these steps:
We undertake a review of your business to identify potential risks. Some useful techniques for identifying risks are:
We will assess each identified risk by establishing:
To determine the likelihood and consequence of each risk it is useful to identify how each risk is currently controlled. Controls may include:
Managing risks involves developing cost effective options to deal with them including:
Avoid the risk-change your business process, equipment, or material to achieve a similar outcome but with less risk.
Reduce the risk-if a risk can’t be avoided reduce its likelihood and consequence. This could include staff training, documenting procedures, and policies, complying with legislation, maintaining equipment, practicing emergency procedures, keeping records safely secured and contingency planning.
Transfer the risk-transfer some or all the risk to another party through contracting, insurance, partnerships or joint ventures.
We regularly monitor and review your risk management plan and ensure the control measures and insurance cover is adequate. Discuss your risk management plan with your insurer to check your coverage.
