Do you remember the game Ker—plunk? It is a game that required a good eye as well as an effective strategy. The game consists of a clear plastic tube, 30 sticks and 32 marbles and starts off with the players inserting the sticks through the tube and then pouring the marbles into the top of the tube. The sticks act as a web blocking the marbles at the top of the tube. Now the fun begins! The players begin to carefully remove the sticks one by one. The goal of each player is to skillfully remove the stick without any of the marbles sitting at the top falling through. With every move, the player weighs the risk of the marbles going Ker-plunk! If all the marbles fall, you lose it all!
Hopefully, you’re not faced with decisions where you can lose it all, but you likely need an effective strategy to address risk. Not all risk is bad and taking risks is often tied to business growth. Let’s face it you probably took a risk when you started your business! So, you’re not risk averse and likely already know your appetite for accepting risk by asking yourself “What can go wrong?” “How often can it go wrong?” and “Do the benefits outweigh the risks?”
As a business owner, there is a risk aspect to almost every decision you make, but there are three risks that I believe are paramount for your business and your clients:
—Security including privacy risk. How do you ensure that client data is handled properly and confidential information remains confidential?
—Regulatory including changes in government rules. How are you kept abreast of changes in regulations and laws that might affect the framework of your business?
—Operational including processes and procedures. How do you assess whether there are lapses in controls due to intentional disregard or gaps in process?
Each of these topics is significant and we’ll devote the next several posts to a discussion of each of them. Let’s address the risk inherent in your business and not wait for the marbles to go Ker-plunk!
Intrigued? Have questions? Please reach out to me at firstname.lastname@example.org and let me bring the business I’m passionate about to you.