During uncertain and challenging times, identifying and pre-empting arising risks across a business in near real time is essential and becomes everybody’s business. In such times, the way and frequency at which information is reported and aggregated across departments, teams and functions is paramount. In small businesses, when there is much to be done with a small team, risk management should be a top priority for business owners and should be a disciplined from day one, even before times become challenging. But how can MSMEs handle risk management exercises the right way, and how does the business plan play a role in the strategy and disciplined execution required for effective risk mitigation from day one?
This webinar aimed to:
- Identify common risks that MSMEs can face at various stages of their operation, and some of the key pitfalls that many MSMEs are exposed to in the early stages of their operation
- Offer guidance as to the creation of a business plan that can help mitigate and address risks to a business, and
- Give viewers a chance to ask the webinar facilitator about strategic ways in which they can strengthen their business’ risk management measures.
In this webinar, we learnt:
- What risk management is, what corporate governance is, and how they complement each other strategically – particularly when it comes to stakeholder management , competitive advantage, and access to capital
- The different kinds of risk that a business can expect to face: market risks, idiosyncratic risks, operating risks, and funding risks
- The building blocks of a holistic risk management framework, and what each block impacts across a business’ processes
- The “three lines of defense” approach to risk governance: business units, risk management, and internal/external audits
- Case studies detailing failures in risk management and their outcomes, as well as how risk management looks like in a digital world
- What risk management looks like for MSMEs, and the best practices in risk management most relevant to MSMEs