Beware the minefield

Every business faces innumerable risks, make sure you don’t miss one

The risks associated with running a business are extensive. Each one has the capacity to inflict financial loss on your company.

As a growth led business, risk is something you embrace. You wouldn't be where you are now if you had taken every possible step to avoid risk. You work with it, you challenge it. Our job is to support and guide you through your options on how to deal with it. We work with our clients to identify risks and bring a sense of clarity and understanding on how best to manage them.

The purpose of insurance and risk management is simple. Protect the company balance sheet, cash flow, reputation and directors personal assets. As you drive your business towards continuing growth the risks change and grow at the same time. Identifying, understanding and assessing their potential impact is vital regardless of whether you are  a small business or a large one. Watching your back is critical.

Insurance cover is crucial but beware, they are a risk in their own right. The average policy can be 26,000 words of legal jargon long, that’s about the length of Shakespeare's ‘Romeo & Juliet’. Legal expressions, exclusions, conditions, warranties and cross referencing of clauses are all a part of these documents. You don’t have time to read them all, but we can do it for you.

Areas of practice

Corporate Insurance Audit

An in-depth and very thorough audit of business risk versus the insurance protection that you have in place. We challenge existing insurance arrangements to assess their effectiveness. Insurance policies often remain largely untested by claims. We work from the basis that there is no point spending money on insurance policies if they won't pay out when they are most needed.

Confidential Conceptual Review (CCR)

The failure of a corporate insurance programme to meet a large financial loss will raise questions from investors, non executive directors, bankers and other stakeholders. As a part of a business governance exercise we carry out highly confidential reviews on behalf of companies. The aim is to test existing arrangements provided by an incumbent broker in a manner that doesn't upset the relationship between broker and client (unless errors are found during the review process). The main focus of the CCR is the big 4 areas - cash flow protection, balance sheet protection, company reputation and directors personal assets protection. The final report is substantial, detailed and reassuring.

Insurance Review Management

Assessing the service and technical ability of your existing insurance broker can be a tricky task. It can sometimes be very useful to ask other brokers to compete with the incumbent but this means business leaders are given a number of different views, recommendations and pricing. So which is best? We work with companies to act as their independent adviser through the whole process in the selection of a suitable broker for their business.

Health & Safety Survey & Support

Health & Safety is a vital aspect of business management but it's complexity is a minefield for business leaders. A failure of health & safety systems can badly damage business reputation and employee morale. We work with you to assess your current standards and implement cost effective plans to ensure legal and moral compliance.

Business Continuity Planning

Business resilience is a critical function. In the event of serious incidents or disasters it ensures protection of cashflow, client relationships and business reputation. Our audits will help you create a plan that ensures resiliance, rapid recovery and ongoing future contingency security.

Cyber Risk Assessment & Insurance

At the core of all business lies information technology and data systems. Their security is paramount to ongoing business reputation. The increasing risk to directors and their businesses through changing legislation and the value of data needs to be assessed fully. Our audits will test and support the tactical, operational and strategic risks a business faces via the assessment of people, processes and technology.

Employment Risk Audit & Support

One of the most common areas of business disruption, cost and time. Our employment risk audit will help you implement safe and practical working practices. We provide in-depth assessment and help with issues such as employment contracts, disciplinary and grievance procedures, restructures and redundancies, safe working practices, dispute resolution, recruitment and employee vetting. In addition to the audits we can also provide on going support as HR Managers to your company.

General Risk Consultancy

We can provide support to help assess general risk arising from contractual agreements, fire regulations, supply chain, chemical storage hazards and many others.

Financial Risk Management

A financial risk report can help identify and manage specific financial risks, some of which may not be obvious to company management. Our financial audit challenges, checks and reminds a business finance team across areas such as cashflow management & forecasting, potential fraud exposure, working capital procedures, staff systems, cost control, automation & technology use and financing arrangements.

VRG Support Overview & Value

The Venture Risks Group service supports you across all areas of risk

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