If there’s one thing we’ve learnt from speaking to business owners of smaller enterprises, it’s that they wish they had acted more swiftly when faced with a potential risk. What can start off as a minor compliance issue can quickly become out of hand and cause both financial and reputational damage. The effect of this on smaller companies is always exaggerated, as one small change can have huge implications.

This is where the Risk Dashboard can assist you. We are experts in assessing risk and understanding what needs to be done to ensure compliance across your company, and this means looking into every department. No stone is left uncovered, as we have modules for everything!

So what could so easily go wrong if you don’t effectively manage risk factors in your business? We have put together 3 scenarios that could easily happen in any organisation.

 

1.   Breaches in data

Having a cybersecurity issue is every business owner’s worse nightmare. Phishing scams can easily fool even the savviest employee, potentially giving away precious passwords and even banking information.

There are a few steps you could take to prevent this from happening:

• Educating your employees on the risks of data breaches and how to recognise and report a scam.
• Having robust anti-viral software to protect your technology should something happen.
• Having processes in place that protect your company should something happen. This could include changing passwords when an employee leaves the company, or having a way of informing clients should the security of their private information become compromised.

 

2.   Accounting mishaps

If there’s one thing the Risk Dashboard is brilliant for, it’s for accountants! Having everything in one place gives full visibility of expenses from across the company. We’ve worked hard to develop software with accountants in mind, and this boosts both the accuracy and efficiency of their roles. Accounting mishaps can have terrible consequences including financial damage, reputational risk and budgeting miscalculations – to name just a few.

 

3.   Physical security

Physical security is something that tends to be overlooked in smaller companies. There’s the dangerous mentality that ‘it wouldn’t happen to me’, but the truth is that criminals are opportunistic. This means that they will look for any chink in the armour, and if you’re based in a remote location or in a non-residential setting such as industrial estate, then you could be seen as more vulnerable. With most physical security measures, investing in precautions act as a brilliant deterrent to crime – as well as potentially lowering your insurance premiums too! It’s not just about the cost of repairing damage and replacing stolen equipment, it’s also about demonstrating to your workforce that you’re considering their personal safety; especially important if you often have employees working later or unsociable hours.

 

For more information on how the Risk Dashboard can support your business and your accounting team, please don’t hesitate to get in touch with us today.

You can visit our website, or contact Neil Campbell, Commercial Director on neil.campbell@riskdashboard.co.uk or info@riskdashboard.co.uk. We look forward to hearing from you.

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