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Ten Signs Your Business Needs a Risk Management Plan

How a Private Investigator Can Help

Risk is inherent in running a business. Prevention is key, but first, you have to identify your most serious sources of risk and which measures to put in place. In the paragraphs below, you’ll learn the ten signs that your business needs a risk management plan and how a Private Investigator can help you put it in place.

What is Business Risk?
Business risk is anything that could cause your business to suffer a financial loss or cause it to fail. Sources of risk are broad and numerous and could include almost anything in the business environment that can or does change. For example, changes in technology are a risk to most businesses because they could easily fall behind competitors if their technology isn’t up to date. Similarly, a critical raw material previously available in abundance could suddenly become scarce—another source of risk that’s difficult to anticipate.

Signs Your Business Is at Risk

  1. You’re hiring.
    No matter how well you vet your new employees, there’s always a chance you missed something.
  2. You’re trimming your workforce.
    If you’re laying people off or have had to fire someone, you could wind up with disgruntled former employees who want to harm your business.
  3. One of your key employees has become unreliable.
    There could be many reasons for this, including drug or alcohol use on the job. This is dangerous by itself, but it could also lead to other behaviours that could put your company at risk.
  4. Inventory is going missing, and you don’t know why.
    Even if you’ve got advanced surveillance equipment, you can’t watch every part of your operation all the time.
  5. Your company has developed a new process or product that you haven’t patented yet.
    This puts you at risk of losing the work product and intellectual property you’ve invested in.
  6. There’s been a change in ownership.
    Suppose you had a partner or major shareholder who recently sold their share of the business. In that case, you have two sources of risk: (1) the partner who left knowing how you run your business and where your strengths and weaknesses are (2) the new partner who may have other interests outside your business.
  7. You can’t be certain that your technology is completely secure.
    Hackers and other bad actors are always finding ways around firewalls and security software. You’re probably at risk if you’re not an expert in these areas.
  8. The industry your company is in is growing at a quick pace.
    Rapid change attracts people who want to make money quickly or see opportunities to take advantage of individuals or businesses struggling to keep up.
  9. You’ve recently moved into new premises.
    A new site means new vulnerabilities. Is your new building secure? What about the neighbourhood you’ve relocated to?
  10. The corporate brand you’ve developed is valuable.
    Bad actors may attempt to hijack your brand to sell their own products or to sell counterfeit goods with your brand attached.

Private Investigators Help Control Risk
Not all risks are controllable, but with the help of a Private Investigator, you can reduce your exposure to the risks above. Here’s how:

  • Performing background checks: If your company is hiring new staff, taking on a new partner, or you’re concerned about one of your current staff members, a background check might be in order. A Private Investigator can uncover assets and debts that the person is concealing, past criminal convictions, civil judgements against them, restrictions placed on their licenses, and anything in their employment record that doesn’t appear on their resume.
  • Scanning your premises for vulnerabilities: Premises that are not secure significantly increase your risk, especially if you have valuable inventory or equipment on site. Conducting a scan of your facilities is a smart investment, especially if it’s performed by a Private Investigator with law enforcement experience. A countersurveillance sweep should also be performed if you’re concerned about intellectual property theft or damage to your brand. This will uncover hidden bugs or cameras on your premises.
  • Conducting surveillance: No one wants to have to do this, but if you suspect one of your employees is a source of risk for your company, surveilling them may be your only option. Private Investigators are experts at tracking people undetected. They can figure out where they spend their time outside of work, what they do there and with whom they meet. If you suspect that they are selling company assets illicitly, a Private Investigator can get high-quality evidence of these crimes that you can use in court.
  • Identifying and monitoring social media accounts: A great deal of suspicious activity can be tracked purely online. Private Investigators can uncover Internet-based crimes such as brandjacking and intellectual property theft, as well as future harmful activity being planned online.

Need help identifying and mitigating your business risk exposure? The experts at Star Quality Private Investigations® have the experience, expertise, equipment, and technology to protect your business from financial and reputational losses. We hire only the “best of the best” former law enforcement and investigations professionals for our business risk mitigation teams. They can perform comprehensive sweeps and surveillance or more targeted investigations depending on your needs and concerns.
Prevention is far superior to fixing a problem after the fact. Contact us now to protect your business from the risks that are out there. As your business grows, we’ll continue to partner with you to ensure your ongoing success.

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