The Value of Third-Party Risk AssessmentsMay 12, 2023
Risk Assessments and Solutions for Employers in 2023
Risk assessments and analysis from a qualified third-party can ensure your business can navigate risk and uncertainty in its many forms. Risk, as it pertains to companies and employers, is incredibly diverse and requires extensive planning and commitment to mitigation strategies to ensure ongoing business continuity. Lean on risk management specialists such as AFIMAC that can identify incoming challenges facing your business and help you plan accordingly.
Without the proper risk mitigation strategies, your business can falter under the pressure of an unexpected event or disruption. Covid-19 proved that truly anything could happen to your business, leaving you scrambling to make ends meet. Plan for absolutely anything with risk assessments that offer incredible perspective into the nature of your business, with a number of resources that can help you mitigate risk and focus your efforts on helping your business grow.
Risk Assessments: What Types of Risks Will Businesses Face in 2023?
Corporate risk can encompass anything, including natural disasters, upcoming work stoppages, theft, vandalism, or a disruption of a key supply chain.
Here are the top risks facing business leaders and owners in 2023:
- Strategic risk encompasses the landscape of your product or industry and the arrival of new and existing competitors in your space. Some sectors may be vulnerable to disruption by emerging technologies, while other businesses may plan to expand their services at a destination that already has extensive competitors.
- Financial risk reflects a business’s financial strength, including borrowing, growth, and reliance on fellow corporations to pay your company for provided services. Businesses could face increased risk during a recession or be liable for the costs related to interest rate hikes.
- Regulatory risk includes both new and existing laws and regulations that could impact your business. Certain industries could be highly restricted if local governments create new regulations; consider the costs, fines, and penalties associated with maintaining regulatory compliance.
- Operational risks tied specifically to your business include purchasing and utilizing heavy machinery, hiring large workforces, and the inherent safety risks that come with manual labor and working with specialized equipment. This can also include work stoppages, labor shortages, and even worker strikes.
- Safety risks tend to be related to conducting business in high-risk locations, the potential for protesting, picketing, political activism, and labor strikes. Safety risks impacting your business can also include the possibility of floods, hurricanes, and other weather-related events.
Risk Assessments and Why They Should Be Conducted by a Third Party?
Third-party risk assessments dive deep into your business and uncover risks that would otherwise be overlooked. Uncertainty heading into 2023 can be overwhelming, and some employers would never predict that labor shortages or unionization attempts could bring productivity to a complete halt. By leveraging AFIMAC, employers can uncover risks to their business that they would never have thought possible.
Risk Assessments Conducted on Behalf of AFIMAC
Risk mitigation encompasses more than planning for a labor disruption or natural disaster; it also includes a number of preemptive efforts that can maintain business operations despite an unplanned event. AFIMAC can address every potential risk of a natural disaster, labor stoppage, or international travel with specialized resources tailored specifically to your senior leaders.
Take a close look at every element of risk within your business, including supply chains, security concerns, and challenges related to worker unionization attempts. When these risks turn into real threats against your business, AFIMAC can follow up with security resources and contingent workforces to help your business navigate uncertainty despite challenges like natural disasters and worker strikes.
Not only can AFIMAC help any corporation of any size identify risk, but they can also provide a number of resources that will ensure productivity regardless of the situation. Contact AFIMAC directly by emailing Jim Rovers at firstname.lastname@example.org to learn more about your options.