WHEN: You or your board are seeking to implement a more robust risk management process and directors require a comprehensive overview of what’s required. Or an unexpected event has occurred that has damaged the business.

WHY: Allows better management of risks that do occur, rather than worsening a risk through chaotic management. It also improves business planning, priority and objective setting as well as management decision making.

WHAT: A guide to help you identify risks relating to all business activities and define the systems and controls to deal with the impact. It also shows you how to consider the chance of a particular event happening, and decide how to respond to risks occurrences and then finally measure the effectiveness of the risk management system.

WHEN: You are embarking on new ventures, product launches or service enhancements.

WHY: Enables entrepreneurs to position risk within the context of the array of other tasks occurring during the startup or early growth phases.

WHAT: An in-depth article which identifies key differences between strategic analysis, such as SWOT and risk management, for purposes of business planning and implementation.

WHEN: You want to identify strategic challenges or opportunities within the competitive environment that can impact on the customer value proposition, sales growth, customer service or proposition quality.

WHY: The competitive landscape may be tougher than you thought. Customer preferences of a market, sector or industry can quickly change, driven by technological, social or market changes.

WHEN: Your business operates in a legal environment that is subject to wide reaching and changing laws and rules. Or, when you need to prepare for political and economic instability.

WHY: Failure to comply with relevant laws and regulations can lead to fines, sanctions, trading restrictions or closure.

WHAT: An article that details relevant compliance risks to staff, customers and other stakeholders from different perspectives including health and safety.

WHEN: You are preparing a business plan or budget, or seeking finance. You could also be evaluating a project finance decision.

WHY: Financial risk can relate to cashflow, interest rates, currency fluctuation, profitability, investment requirements or taxation.

WHAT: A sensitivity analysis to changes in financial performance. Consideration of realistic, best and worst case financial forecasting. Excessive dependency on a single customer.

WHEN: You are reviewing the risks associated with all the operational departments of the business for business continuity planning or disaster recovery processes. Operational risks will typically be the broadest and most business specific aspect of risk management.

WHY: Regulators may require this by law or investors may expect this to be a key part of day to day activity management across the firm. Also, it forms a key aspect of business continuity planning including disaster recovery.

WHAT: A range of case studies across a variety of sectors. Includes analysis of production, delivery, manufacturing supply chain, procurement, transportation and logistics, technology, data and information systems.

WHEN: You need to direct limited resources to the most important risks.

WHY: Evaluating risks determines the likelihood and impact and whether to accept the risk or take action to prevent or reduce it. Risks will change as the external environment changes and businesses grow or other factors alter. Risks should therefore be regularly looked at.

WHAT: An article with concise steps for risk analysis. Many businesses find that considering likelihood and impact as high, medium or low (and assigning a value of 3, 2, 1) is adequate for their needs. Multiplying likelihood by impact provides for a prioritisation.

WHEN: You have conducted your risk analysis and the impact of risk and now need to mitigate potential negative impacts.

WHY: Regular monitoring of your risk management process is essential as this ensures all risks have been identified and counter measures put in place. Allows businesses to establish the cost of mitigating a risk, which can be so high that doing nothing makes more financial sense. For example, if a fire or a flood means you can’t access your workplace: you can’t avoid all the risk, but you can minimise disruption.

WHAT: This guide helps you to understand how to treat risks effectively, then review and update your risk management plan.

WHEN: You are developing a business continuity plan or disaster recovery plan.

WHY: Having a plan to manage risks when they occur closely overlaps with business continuity planning.

WHAT: A toolkit to efficiently develop a BCP on the back of a risk management process.

OTHER: Explanation on the difference between risk management and business continuity planning from DRI International.

WHEN: You are establishing where and how to assign ownership for risk management.

WHY: Without clear accountability management of risk can fail. In small businesses, the finance director or chief executive often overseas the risk management. In larger businesses, where there may be a risk management committee, this would often be led by a non-executive board member.

WHAT: A PDF risk management guide for small to medium businesses. Understanding the overall function and processes of risk management at the outset helps assign ownership.