Operational Risk Management – Common Operational Risk Area 6 – Financial/Insurance Exposure As with anything in life, ensuring that you, your business, nonprofit, medical, or dental practice, are financially sound and have the appropriate level/type of insurance is vital. Therefore, this operational risk area is important and, fortunately, easy to address with the right information. …
Limiting legal and liability risks is very important because not properly preparing for possibly unexpected legal and liability issues can easily cost you your business, home, and personal finances. Establishing a solid professional relationship with a business attorney or law firm is the corner stone of your business to prepare you for legal/liability risks. Legal/liability …
Continuing with our columns on operational risk management, we will now discuss operational risk area 4 – Human Resources-Employees/Volunteers. There are a lot of elements and moving parts to this common operational risk area. Human Resource (HR) professionals have a challenging time keeping up with all the changes and nuances of this very important element …
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Continuing with our columns on operational risk management, we will now discuss operational risk area 3 – Safety and Security. Everyone is generally familiar with what safety and security are and how they help protect businesses, nonprofits, medical, and dental practices. However, being generally familiar with these terms and how they generally help protect businesses …
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Operational Risk Management – Common Operational Risk Area 2 – Internal Controls Our last column discussed Operational Risk Area 1 – Fraud/Theft, and we now move on to the next common operational risk area, Internal Controls. Internal Controls are an important piece of preventing operational risks because with the proper internal controls in place, it …
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In the last column, we discussed what operational risk management is and why it is important. In that column we mentioned that there were six common operational risk areas that affect businesses, medical/dental practices, and nonprofits’ operations. We will discuss fraud/theft which is one of the six common operational risk areas that may adversely affect …
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I have discovered many small businesses, medical/dental practices, and nonprofit owners are not aware of what operational risk management is or how it helps protect their operations and ultimately their bottom line. In this first such column, we are going to explain what operational risk management is and why it is important to small businesses, …
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