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What is Risk Management in Business & Why are Strategies Important in Coral Gables, FL

In the modern business climate there is risk, chances taken or ignored, and reward, being profits, prestige and market share. Whether your business is mercantile, service or manufacturing, risk is an everyday event faced in the course of business. Risk avoidance is impossible if you want to remain competitive, but risk management is a daily process. Risk management isn’t risk avoidance. Some risk must be mitigated and managed but in exploring new markets or areas of operations risk must be taken. Risk management swings its focus from entering a new market niche with a new product or a new area, to mitigation of civil litigation and is independent of your position, plaintiff or defendant.

Risk Management Examples in Business

There are a host of situations and events that will affect a business.
Intelligence – business intelligence provides awareness and information for decision making. New markets, information on competitors, executive protection, counter-business espionage, local political climate, local conditions and possible physical threats and terrorism are concerns of the corporate (read as business) intelligence. Competitor assessments can aid the company in responding to both market changes originating for competitors or out right espionage or study risk in acquisitions, cooperative ventures or mergers.
Litigation – every business, regardless how careful they are will at one time or another be a party to some form of litigation. Whether it involves products or service or liability for injury on premises or financial recovery assets or judgement, every business operation will have a day in court. Most civil processes are open to negotiation as part of the mitigation process.
Internal Security – employee theft, espionage, safety compliance, employee issues, union difficulties, there are many internal security concerns. The business has the responsibility to their employees, customers and clients to provide a safe environment, free from physical threats to safety concerns and maintenance of a healthy work environment.
Market Research – markets are closing and opening. Some events are product driven, like a new product or new model introduction, to penetration or withdrawal from a geographical location. Although not a specific security problem as to threat, but security will have to have a handle on local markets to provide security.
Asset Protection – assets are the corporation’s barometer of success and includes real property, other property, executive, management and rank and file are important to the successful operation of the company. Financial assets also need protection against outside predatory competitors and internal corruption. Surveillance and counter-surveillance, bug sweeps, follow through investigations if an electronic device is found, employee theft are all concerns involving risk management.
Executive & Management Protection – your executives and key operators within the company are open to risk, physical risk, manipulation and extortion. These people will need to be preserved against risk. Executive protection, bug sweeps of home and office, surveillance and counter-surveillance are required to insure protection of these individuals.
Retention of Employees – human resources, background checks, security clearance, disciplinary actions are part of risk management. Negative retention, the retention of employees that are disruptive and pose a danger either negligent activities or aggressive behavior, even after documenting the problem and still retain the employee. This can open the company to possible civil litigation. The situation needs to be addressed and the subject terminated from employment.
Government Contractors – must be aware of possible risk from interference by state intelligence and agents provocateurs that can disrupt or steal proprietary information and intellectual property or disrupt operations.

Private Investigator & Security Services & More in Greater Miami, Sunny Isles, Fort Lauderdale, Boca Raton, Weston, Plantation City & Miami Gardens Florida

Risk management is multipronged and can affect the business in many facets of its operation. The risk is there, events will arise, and a firm planned response is necessary to mitigate and manage said risk and risk related events. Advanced Private Investigator & Security of Miami, FL are standing by to assist you with all your private investigator and security needs. Contact us today!