Growing out of control
Not too long ago, risk management was generally considered to be a junior branch of the commercial insurance family, well below even 'underwriting' on the priority list, but it is having a growing impact on even the smallest firm, as Paul Lang writes
For small businesses, risk manaagement has in the past consisted solely of paying your premiums, keeping the floors swept of inflamable rubbish and the fire buckets full. However, risk management strategies have had to grow up fast to respond to more hazardous times.
Increasingly, owners of smaller firms face risk issues unimaginable a generation ago - legal, financial, regulatory - quite aside from the protection of their people, premises and plant. A new risk management service industry has
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