Home Based Business Risk Assessment Part II
by Francis Maina | on January 17, 2012
Home Based Business Risk Management
Generally the home based business risk management process should involve the following steps;
Home Based Business Internal Risk Management
Home based business needs to be aware of the relative risks of others in the home based business sector and highlight any differences in identifying its own appetite for risk. Once this is done they should then group its risk management process under the following headings;
1. Strategic Risks – those arising from being in a particular industry/home based business and geographic/USA, India, China, Brazil or UK etc.
2. Operational Risks – those arising from the various operational and administrative procedures that the home based business uses to implement its strategy.
3. Financial Risks – those that arise from the financial structure of the home based business, from transactions with third parties (ip, hosts etc) and from the financial systems (paypal, alertpay etc) in place.
Home Based Business External Risk Factors
4. Compliance Risks – those derived from the necessity to ensure compliance with law, regulations and other less formal societal expectations, which, if infringed, can damage the home based business sector. Home based business health and safety risks are sometimes straightforward and can be considered as a subset of compliance or operational risk, but in many industries (e.g. direct sales, mlm, network marketing) health and safety are key areas, which require major resources and concentration.
5. Environmental Risks – this can be relatively routine and covered under compliance but in many home based businesses (and in increasing large number) they are a major area requiring separate consideration e.g. direct sales industry.
Start building Security, Contintuiy and Resilience to Your Home Based Business TODAY! read and follow the robust Home Based Business Risk Assessment Option The Black Book
Entreprenuers Wanted Alert! Serious Entrepreneurs only for further details on Home Based Business Risk Assessment contact:
Francis Maina
Home Based Business Resilience Consultant and Business Mentor
email: businessresilience@gmail.com
Mobile: +447890521876
i2c Network for The Resilient Entrepreneur
CBXII, 382-390 Midsummer Boulevard, Milton Keynes, Buckinghamshire, United Kingdom. MK9 2RG.
About The Author: Francis Maina
As founder of i2c Network online powerhouse for building business continuity, security and resilience. Francis is passionate about engaging, enhancing and empowering home based businesses (HBB's) and small and medium sized enterprises (SME's) realise their full potential.
Facebook Comments