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CHECKLIST FOR BUSINESS RISK EXPOSURE


Depending on the setup, each business has its business risks exposure.

Here are the five critical areas of operation that are more vulnerable to business risk.


(1) INFRASTRUCTURE - PROPERTY

  • When was your most recent renovation? Have you thought about the cost of inflation?

  • Do you own or lease the property you occupied? What is the contractual obligation to the landlord?

  • In a disaster, do you have a backup location for day-to-day operations?


(2) STOCKS

  • Where do you store your finished goods, and what controls do you have in place to ensure the safety of your stocks?

  • When hosting a promotional event, do you bring out your stocks and display them outside your premises? If so, what liabilities does the venue impose on you?


(3) HARDWARE & DATA

  • Do you keep data backups in-house or with a third party?

  • What is your contingency plan in the event of a cyber breach?

  • How quickly can you restore operational status following a breach?

  • Is your company utilizing a professional team to handle cyber breaches?


(4) PERSONNEL

  • How do you ensure that your employees are well-cared for while on the job or travelling?

  • What are your legal/contractual obligations regarding foreign labour/talents?


(5) Liability

  • Do you have any investors? Do you own the majority of the shares?

  • Do you have a manager or officer who has the authority to act on the company's behalf?

  • Do you give your customers professional advice and implement solutions?


These are some of the risks that a company must consider protecting its assets.





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