Risk management is all about being on the ‘front-foot’ and it must reach across your entire operation. By Kevin Kevany. You are the owner/manager or a long-serving employee of a reasonably successful small business. It’s Thursday morning and the week is nearly done; but Friday usually is a little crazy.
Risk management is all about being on the ‘front-foot’ and it must reach across your entire operation. By Kevin Kevany.
80 percent under-insured
So far, no one in government or the reinsurance industry has been prepared to tell us what it is going to cost in the future to insure goods, property and businesses in the ‘Shaky Isles’ – now lumbered with an empty EQC piggy-bank. Or even whether we’ll be able to get full cover.
Positive yet defensive strategy
Steve Vaughan, executive director, NZ Society for Risk Management, is recognised as one of the leading, if not top, experts in the local risk management arena – and sees risk management as a positive as well as defensive strategy.
Vaughan points to AJ Hackett , inventor of bungee-jumping and one of our larger adventure activity operators, who has never flinched at taking-on new challenges to grow the business – but always on a platform of extremely high safety standards, while providing different and exciting experiences for its customers.
No room for complacency
Grant Milne, country head for Marsh insurance brokers and risk advisers, had to deal with the consequences of their Canterbury operation being in the doomed Pyne Gould Corporation building. Tragically, the company lost three employees in the second quake.
Managing credit risk
Veda managing director John Roberts reckons not having and implementing a company credit policy is not an option for any SME, in this time of slow payments, tight credit and a serious rise in bad debts. He’s frustrated so many New Zealand companies choose to look the other way when they need to tackle their approach to credit head-on.