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In 2018, KPMG South Africa suffered reputational and financial damage relating to work it did for companies linked to the Guptas. As part of its recovery implementation plan, the newly appointed CEO, Ignatius Sehoole, introduced independent managing directors to scrutinise its risk management and compliancy, as well as identify the risk profiles of its current and potential clients, reports Fin24. As KPMG and other companies know, identifying and understanding the risks to your business is important, specifically when it concerns finances.
According to Investopedia, risk management in finances is a process that identifies, analyses, and accepts or mitigates uncertainty in financial decisions. As a leader in your business, you need to have a keen understanding of all the aspects and actions in your organisation, and how these affect the company’s finances. These tips will help you get started.
In order to identify the financial risks to your business, you need to examine the daily operations of your business, such as cash flow and other sources that drain your budget. Look at how you extend credit to your customers, who owes you money, the money you owe others, and external factors like theft or cyberattacks. You also need to consider the bigger picture. What kind of future scenarios can you imagine for you company? How do you mitigate risks proactively for future scenarios you don’t want? How do you put measures in place to encourage the kind of future you want?
Now that you’ve identified all the possible risks to your organisation’s finances, you must measure how much of a risk each presents, as well as the effects it could lead to. This step involves statistics and the calculation of numbers, so you may want to seek the help of a professional or register for one of our online financial courses.
Even if you don’t have an in-depth financial risk management plan, it’s a good idea to start looking into investment opportunities. These don’t necessarily need to be focused on buying shares, though. You can also mitigate risks by investing in your employees over the long term or expanding your own knowledge about finances. SGI offers a Managing Finances online course that not only covers the management of finances, but also risk management.
An essential part of your risk management strategy must also include insurance cover. Do your research and get a basic form of insurance. Our Be prepared for risk (Risk management) online short course helps you identify potential risks and their effects on your business, as well as develop contingency plans to help manage risk.
Once you’ve mapped out and implemented your risk management plan, make sure that you review each aspect of it yearly and update it according to how your business grows. In addition, you should test and revise your contingency plans – this is a learning outcome of our Be prepared for risk (Risk management) online short course.