Use the free Business Best Practice Benchmarking Toolkit to find the strengths and weaknesses in your business practices, identify the key gaps that are holding your business back and develop your own business improvement plan
Risk management is the process of identifying, assessing and controlling threats to an organisation’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.
What are the benchmarks of best practice Risk Management?
BEST PRACTICE BENCHMARK: We have compliant and comprehensive Employment Contracts and HR policies in place that meet legislative requirements and promote best practice HR. Our team are educated regularly on these policies and have a strong understanding of their application. #HR #Risk
BEST PRACTICE BENCHMARK: We have a comprehensive IT security program in place including a backup system that is tested weekly and a multipronged best practice CyberProtection strategy that protects us from current and emerging Cyberthreats. #Technology #Risk
BEST PRACTICE BENCHMARK: We have strong debtor management processes which ensure that Debtors either pay on time, or are quickly flagged for collection actions to ensure payment. #Financial-Management #Risk
BEST PRACTICE BENCHMARK: Our financial management processes ensure that we always have sufficient funds available to comfortably manage day to day operations, deal with unforeseen emergencies and budget for future developments. #Financial-Management #Risk
BEST PRACTICE BENCHMARK: We have effective contracts and maintain strong relationships with our suppliers and contractors to minimise risk to our operational efficiency. #Operations #Risk
BEST PRACTICE BENCHMARK: We have a clearly documented risk management and disaster recovery plan in place which is reviewed on an annual basis as part of our business planning process #risk
BEST PRACTICE BENCHMARK: We have an appropriate insurance program in place which is reviewed annually and which we have complete confidence addresses the risks faced by our business not only today, but also with the future in mind. #Risk
BEST PRACTICE BENCHMARK: We have the right business, legal and financial structures in place to ensure that my business and family are protected and to achieve my business and personal goals. #Risk
BEST PRACTICE BENCHMARK: We are confident that the intellectual property in our business is adequately protected, particularly in relation to our brand and products. #Risk
BEST PRACTICE BENCHMARK: Our Customer Relationship system includes a clearly defined reputation management process which ensures that our brand profile and reputation are fully protected. #Customer-relationships #Risk
Best Practice Risk Management Resource Library
Each item in the best practice Risk Management library has been included to help you achieve best practice in one or more of the benchmarks of best practice Risk Management.
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