Small firms ‘should seek advice and training over risk management’

Small companies that are unsure of how to deal with risk management should seek advice and training, an expert has said.

Commenting on the issue, Ian Fraser, marketing manager for the Institute of Risk Management (IRM), stated that such advice is available to firms from people like bank managers, insurance brokers, the chamber of commerce and Business Link.

Additionally, the IRM offers a two-day training course and provides a simple guide to managing risk, which is available on its website, he said.

Mr Fraser went on to state: "The need for a dedicated risk manager will depend on the size of the operation and the risks that it needs to manage."

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According to research conducted by Experian Business Strategies and Harris Interactive, only 26 per cent of UK businesses have a formal procedure in place to deal with a potential reputation or media crisis compared with a global average of 35 per cent.