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Managing Business Risks Through Technical Developments

Learn about technical considerations, risk categories, and risks planning to effectively manage business risks. Explore insuring your risk through insurance options. Identify and manage risks involved in your business idea.

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Managing Business Risks Through Technical Developments

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  1. Business Start-Up (A304ENU) SESSION 6: Technical developments and Risk assessment

  2. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing Week 5: Competitors and Organisational and legal structure Week 6: Technical developments and Risk assessment Week 7: Finance Week 8: Integrating and control Week 9: Guest speakers Week 10: Summary

  3. CONTACT DETAILS SURGERY HOURS On Request

  4. Mind stretchers • Can risk be eliminated in a business? • What can help you to manage risk better in a business?

  5. Technical considerations • Specific design of product • Safety issues • Product/service development and testing • Location • Support

  6. Risk categories • Strategic • Compliance • Financial • Operational

  7. Other risks • Environmental risks • Employee risk management • Political and economic instability • Health and safety

  8. Risks planning • Identify the crises that could affect your business • Assess the possible impact of risks on your business • Plan how you'll deal with an emergency • Test your business continuity plan

  9. Insuring your risk • Insurance to protect against losses associated with some risks • Employers' liability cover - required by law • Products liability insurance • Key man insurance • Group life assurance

  10. Exercise • Identify the risks involved in your business idea and how you will manage it. • Identify a case where a business did/did not manage the risks associated with their business correctly.

  11. ANY QUESTIONS?

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