 |
|
|
||||||||||||||||||
|
||||||||||||||||||||
|
|
|
|
Why bother? |
|
|
|
Instantly improve your credit rating and become more attractive to investors and purchasers “Another catalyst prompting organisations to review their risk management activity is the announcement that ratings agency Standard & Poor's is to begin incorporating consideration of the strength of enterprise risk management practices as a component of its corporate credit ratings methodology. In light of the vital importance of credit and credit worthiness, the attention that risk management receives from stakeholders and third parties will increase”.
Gain a visible competitive advantage How can you demonstrate a business winning difference? With over 40% of larger businesses now vendor checking before asking firms to tender, having a BCP consistent with BS25999 gives you a powerful competitive advantage.
Position yourself to tender for publicly funded and higher value contracts All publicly funded work, be it via Central Government, Local Authorities, Health Authorities, or bodies such as the Olympic Development Authority, now require businesses tendering for contracts to have a BCP. Moreover, an effective BCP delivers competitive advantage, particularly for early adopters. (Source: Barclays, American Express, Legal & General, HM & Local Government)
Give your suppliers, customers and staff assurances of your longevity, whilst protecting current and future revenue streams against unforeseen events Credit crunch or not, fear of an uncertain future is a fundamental human concern. By being able to visibly demonstrate built-in resilience, you can assure those upon whom you most depend of your long-term reliability.
Help to remove unlimited personal liabilities As a Director there remains a single duty: to decide on what is most likely to promote the company’s success, which the Government has defined as, “for commercial companies, ‘success’ will normally mean long term increase in value”. Being a Director is a complex and challenging role. In addition to the task of maintaining a profitable business, today’s Directors are faced with frequently changing responsibilities and regulation. Whilst in the past, breaches may have simply resulted in an action being taken against the company as a corporate body; increasingly now actions are being taken against individual Directors It is not even necessary to be named as a Director to incur liability. Being in a position to control, influence or affect the Business can be sufficient to leave individual employees vulnerable to prosecution.
Create opportunities to reduce your insurance premiums "Many insurers will add a discount for additional security or risk management processes," says Lyndon Wood, chairman of the Moorhouse Group. "Up to 50% off a premium is possible if an SME has the right risk management strategies in place.“ All sorts of strategies can result in a discount. These run from the fairly standard interventions - such as burglar alarms, sprinkler systems and security measures - through to having a business continuity plan in place. (Source: Post Magazine) |