Every business makes choices about how it runs and needs a tailor-made risk plan. Why? Because each business will have its own unique set of risks, ranging from extremely unlikely to extremely likely.  Risks are then multiplied by their potential impact to obtain a risk rating.

Consider the following examples:

1. The risk of water outages: we've been in these same offices for 13 years now and we've only had one water outage in our area.  So, we would argue that:
   • Expected occurrence = highly unlikely
   • Expected impact on business = low - we can still work
   • Overall risk to the business = low
   • Plan if this occurs = buy in bottled water, as we did the last time - worst case use buckets to raid the swimming pool water in the building to flush toilets!
2. Risk of a team member contacting Covid-19: Vodafone in Perth closed a few stores this week due to a team member being suspected of contracting the coronavirus.  In our firm we would estimate this risk as follows:
   • Expected occurrence = possible
   • Expected impact on business = medium i.e. we would need to all be in quarantine and probably work from home, fortunately, we are fully electronic with cloud storage and whilst it would be an inconvenience, it would not be devastating
   • Overall risk to the business = low to medium
   • Plan if this occurs = make all our client and team meeting electronic through skype or zoom or similar until the danger passes

The above is a simple example and just happens to have a similar solution.  Other risks such as the death of an owner or major legislative changes also need to be considered. Every business needs to have a risk and emergency plan, with quantified and planned solutions. If you want to review your business risk then contact us for a risk assessment, using a risk assessment tool - info@primarius.net.au