Why You Need To Better Manage Operational Risk

Do you know that you have your operational risks covered?

Every organisation, in every sector, has risks which if not addressed, can completely derail a business both in terms of performance and reputation.

Take this example of the key risks highlighted for a small business I once worked with:

1.???? Zero product IP

2.???? One-sided supplier contracts

3.???? Lack of quality control

Unfortunately for this company, whilst we were able to mitigate issues going forward, identifying the inherent risks was simply too little, too late.

Lack of design rights meant that when a competitor shamelessly copied a product the company didn’t legally have a leg to stand on. That competitor continues to run their own successful copycat business today.

Agreed terms and conditions for a website enhancement project compelled the company to make interim payments, without clear vendor deliverables or progress. Ultimately, the business spent >￡15k with nothing to show for it.

Poor product fabrication, as a result of missing technical specs and quality control processes, led to significant reputational loss, customer complaints and costly refunds, with no means of holding the manufacturer accountable.

“If you don't invest in risk management, it doesn't matter what business you're in, it's a risky business.” Gary Cohn

If you want help implementing robust operational policies, procedures and controls to mitigate your risks and allow you to sleep at night...then let’s talk.

Book a chat here: https://calendly.com/cvia-holly/introduction-call-fcoo

Or visit my website:www.hollyashford.com/operations