A Guide to Risk Management and Tools to Keep Your Small Business out of Hot Water

COVID-19, cryptocurrencies, and a giant ship stuck in the Suez Canal. It seems we’re navigating a slew of risks recently. Small businesses suffered at the hands of these economic disruptions.

Do you have a risk management plan? If this last year taught us anything, it’s good to prepare by having a plan. Your road map will vary depending upon your business.

Common business risk categories are strategic, compliance, operational and environmental. Less common risks that may affect your business are health and safety, equipment, security, or technology. A good plan addresses the risks specific to your business with detailed action steps.

A successful risk management plan consists of identifying the risks, determining the possible frequency and impact, establishing options to address the risks, and auditing the program regularly, including an insurance coverage checkup.

Are there technology tools to help you manage risk? Yes, there are comprehensive software solutions such as LogicGate that addresses and mitigates risk across your business. A suite of applications automates the process of risk management.

The Fusion Framework System includes programs to address risk management, business continuity, IT disaster recovery, vendor management, and incident management. Both LogicGate and Fusion Framework are cloud-based and suitable for small business.

If your business requires a more specific program, don’t fret. VelocityEHS is an environment, health, and safety management software that includes risk and compliance management. Signifyd is for eCommerce businesses looking to handle fraud risk. It integrates with many third-party eCommerce platforms and payment gateways.

Author: Kris Keppeler, a writer who finds technology fascinating and loves humor. She writes for Crossing Genres on Medium.com and Does This Happen to You? on Channillo. Award-winning podcast producer who enjoys telling stories. Follow her @KrisKKAria on Twitter or on LinkedIn.

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