Morris Cohen Glen & Co prides itself on delivering strategic business advice to help achieve your goals.
Our accounting services are designed to help decision makers make informed decisions to sustain and grow your business. We also recognise that risk management is an important aspect of any business.
Risk management is a systematic process of making a realistic evaluation of the true level of risks to your business. Before risks can be properly managed they need to be identified - you can begin with these questions:
- What can go wrong?
- What can I do to prevent it?
- What do I do if it happens?
Some basic risk management measures include minimising:
- Property risk by regular building maintenance and good security measures.
- Motor Vehicle risk by following your vehicle service plan, adhering to speed limits and avoiding distractions whilst driving.
- Credit risk by selecting your customers carefully and implementing a robust collection policy.
- People risk by providing a safe workplace, regular peer review process and a strong continuing professional development program.
- Professional Liability risk by employing professional and dedicated staff, having a client engagement agreement and acting in your clients interests at all times.
Others risks to consider include:
- Reputation
- Corporate Governance
- Business Interruption and effect on cash flow
- Liquidity
- Impact of regulations
- Availability of capital
- Crime / Fraud
- Information Technology
- Human Resources
- Natural Disasters
- Loss of Intellectual Property
- Environmental Impact
- Legal
- Local and Global economic conditions
A good plan is to develop a risk register to document each potential problem, its level of seriousness, what is required to fix it and who will fix the problem.
An important part of risk management is identifying risks that can be transferred. This can be achieved by arranging a comprehensive insurance program.
MCG Insurance will take the time to understand your internal risk management program and sell this to insurers. This can make a significant difference to the premium you pay.
MCG Insurance now has the in-house capability to negotiate and arrange general insurance policies on behalf of our clients.
General Insurance policies include:
- Professional Indemnity
- Public/Products Liability
- Directors and Officers Liability
- Crime / Fidelity
- Cyber Liability
- Property
- Business Interruption / Loss of Profit
- Management Liability
- Employment Practices Liability
- Marine / Transport
- Product Recall
- Corporate Travel / Personal Travel
- Motor Insurance
- Trade Credit
- Workers Compensation
For further information about this service, please contact our insurance manager David Federici on 03 9804 0888 or email insurance@morco.com.au.
MCG Insurance Pty Ltd is an Authorised Representative of Focus Insurance Brokers Pty Ltd (AFSL 426797)
