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ARMS(tm) Risk Management overview

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Good business practice has always dictated a requirement that firms in the UK to have adequate risk management systems in place. 2012 London Logistics name the top failures in business as;

1. Inability to reach decisions and act on them
2. Failure to keep pace with management systems
3. Poor personnel relations
4. Loss of key personnel
5. Lack of or inadequate staff training
6. Poor relations with suppliers
7. Loss of control through creditors' demands
8. Inadequate insurance
9. Reluctance to seek professional assistance
10. Lack of quality processes
Business KnowHow state in the top 7 reasons, as Number 5 – “Lack of planning” and part of that is “Potential problems and solutions” and “Budgeting and managing company growth”. You cannot budget effectively when your risk appetite is unknown or inadequate.

goto www.leewerrell.co.uk/ARMS.html

Published in: Business

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