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On a recent family vacation to Disney World, my mind couldn’t help but wander back to the office as I walked around the various theme parks.
I have met Disney’s risk manager, Stephen Wilder, in the past and have seen him speak on risk management at Disney. I have also noticed various aspects of it here on previous trips, but this time, something occurred to me that hadn’t before.
Please note that we've updated this blog post! Please see the current versions: "The Importance of Risk Mapping" and "How to Build a Risk Map".
A risk map prioritizes a particular identified risk according to its significance and likelihood and further goes on to sort the risk into four distinct quadrants. The purpose of a risk map is to identify, quantize and qualify a group of business risks which could impact a company’s ability to accomplish its business strategies.
Obviously a risk map is complex business and you need to know how to go about it.
It's important to consider your company’s risk exposure when entering into a business relationship with a third party. How will your operations be impacted when a supplier is late delivering essential materials? What if you receive damaged materials? There are a number of options that can be implemented to mitigate risks associated with your supply chain.
When there is an accident in your place of business, it is easy to panic. Whether an employee or a customer is injured, anyone would fear for the person’s well being and, after that, the operational consequences of what just occurred.
However, it is most important to stay calm, reassure the person, and make sure they are safe; then you must handle the business side of the incident.
Operating any size business, whether it be a small local shop or a large retailer, can be costly. Your business could end up having to close its doors as a result of having to pay out the cost of an insurance claim. As a retailer, it is essential to both be aware and prepare for the most prominent types of insurance claims facing your industry.
