The Fundamentals of a Risk Management Plan

1. Pt Unified Trade Indonesia OCTOBER 14 Pt Unified Trade Review 1

2. The Fundamentals of a Risk Management Plan Generally speaking, risk management entails analysing the risk and creating management solutions. The concerned person subsequently makes an effort to minimise the risk's adverse impacts. The greatest risk management strategies and protection against online fraud can only be obtained from a reputable merchant account provider pt unified trade. While the account provider secures your credit card processing to the greatest extent feasible, you as a merchant must also be vigilant against potential fraud. Make a thorough note of all losses for your business in order to identify them. Additionally, there are several tools accessible, such as questionnaires and many other forms, that may assist you in analysing the losses. You must determine the extent and frequency of the losses as well as their monetary value. After analysing the losses in the risk management strategy, it's critical to understand how to handle the exposures. Some of these methods consist of: * Risk transfer: A stage in risk management that occurs when a company obtains a legal guarantee from another party to cover any damages it may incur. 2

3. * Steering clear of dangerous pursuits: Helps you prevent possible losses. * Loss control: A risk management strategy that aids in reducing the frequency of losses. * Retention: Aids in maintaining a certain company's financial stability. * Insurance: Of the five risk management strategies, this is one of the most expensive ones. But if everything else fails, insurance is the last remaining choice. Although it may not seem particularly realistic in the context of e-commerce, merchants should aim to minimise losses. The best strategy to handle losses in risk management is to combine any of the methods mentioned above pt unified trade indonesia. Some of the fundamentals of a risk management plan are listed below: * Describe the risk management plan in full. * Delegate responsibility. Make sure you are aware of who should bear responsibility for losses. * Each participant in the risk management programme must be 3

4. aware of how the programme will operate and how it may effect them. * It is necessary to specify and budget for the costs associated with implementing the risk management programme. The risk management programme has to be continuously monitored after deployment since any adjustments will be made with the program's practical features in mind. Merchants must be aware of the procedures that might ensure their safety while collecting payments online. In addition to a sound risk management strategy, the following things also offer security: * Firewall - assists in keeping track of incoming and outgoing data and removes any potential hazards from outside activities. * Use secure servers wherever possible, especially when disclosing sensitive information and credit card data. * Antivirus software can assist you in keeping your network and PC secure. * Update – You should periodically update all of your software and security applications. 4

5. Plans for risk management assist in limiting losses and lessen the consequences of hazards. 5