InShare SMART Risk

InShare exists to help businesses make more money by stopping bad stuff from happening. #SMARTRisk #InsurTech

[InShare SMART Risk @InShareRisk]

The majority of UK non-freehold tenants do not feel 100% safe within their buildings with almost half reporting fire safety hazards.

More work needs to be done by landlords and asset owners to ensure risk within their properties is managed.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

The cost of data breaches in the UK has risen by 8.1% and 84% of businesses say they are reoccurring.

The most common attacks are compromised credentials, phishing, and business emails becoming compromised. Now is the time to protect your business.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

The energy crisis is a prominent risk for almost every industry.

At its current levels, energy prices could wipe out the profits of most non-financial corporates, and prices are only set to rise.

https://t.co/m2bXkHrPe4

[InShare SMART Risk @InShareRisk]

The most common types of risk within the banking industry include credit, market, operational, and liquidity risk.

For effective risk management, a comprehensive and exhaustive understanding of them all is needed.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

January 2023 saw interest rates reach 4.5% - the highest they have been in over a decade.

Property owners need to be prepared as this is causing loans and mortgages to be more expensive, increasing the risks involved in the housing market.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

Last year, inflation hit a 32-year high which has created mountains of financial pressures.

Each risk that comes with inflation, such as labour shortage, has it’s own subsection. It is now more than necessary to understand the impact this will have.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

One in four people will work from abroad in 2023, with 32% of these people planning to do so against company rules.

This brings risks upon both companies and employees, as casual remote working may breach laws in some destinations, amongst other risks.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

Biodiversity risks are a growing concern for businesses as nature risks are harder to measure than climate.

Preparing for biodiversity risk is good risk management practice as it can affect business operations, supply chains, and price volatility.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

The five types of risk businesses can face with project management include:

📝 Financial
📝 Strategic
📝 Performance
📝 Stakeholder
📝 External

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

Managing risk is often about dealing with unforeseen circumstances. When risk management is effective, these will be dealt with.

Covering every base possible, no matter how large or small, will boost the effectiveness of your risk management plans.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

Geopolitical unrest was the biggest source of risk concern for businesses in 2022 and is being carried into 2023.

It is recommended that organisations place a focus on crisis risk management training to improve business resilience.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

A risk management plan that is comprehensive, exhaustive, and flexible is your best chance for success as a business.

Risk management plans are in constant need of continual reassessment to verify that your company has proper protection.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

As natural disasters become more frequent, ensuring you are prepared to the best of your ability is the right course of action to take.

Placing disaster risk management at the top of your list is recommended.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

A new study suggests that only 11% of suppliers are fully prepared for weather-related disruption to the supply chain.

As weather risk and incidents increase, risk management for these disruptions need to be taken into consideration.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

When your company starts capturing risks, the overall risk exposure you face is able to be seen.

It is highly recommended that companies use a risk register as a comprehensive record of risk exposure.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

There are many ways to effectively manage risk and the 4Ts is considered one of the best.

This method involves transferring risk, tolerating risk, treating risk, and terminating risk. Is this right for your business?

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

35% of companies have stated they don’t have a loss or #risk control function in place.

Those that do have reported an improved customer experience, making it valuable for companies to implement a risk control function.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

One in four people who lost money due to fraud in 2022 reported that it started with social media, including ads, posts, and messages.

Social media is the most profitable for scammers and users need to be aware of how to protect themselves online.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

Effective risk management is about being proactive and planning for all scenarios and outcomes.

Identifying every risk that your business could face means you are in the position to assess them according to their severity and likelihood of fruition.

https://t.co/m2bXkHrhow

[InShare SMART Risk @InShareRisk]

The 2023 Global Risks Report advises organisations to focus on expediting green energy; improving employee health; and strengthening cyber resilience.

Developing risk resilience will help position your organisation for long-term success.

https://t.co/m2bXkHrhow