Three Things Business Owners Need to Know About Risk Mitigation

Companies of all sizes take huge risks when they are not in compliance with laws and regulations. At Prae Venire, we help small and mid-sized businesses develop compliance programs like their larger counterparts’. The Latin phrase prae venire means “to anticipate” or “to prevent,” and that’s really what we’re all about here. We help companies identify risks and prevent damage. 

But does your business really need risk mitigation? The answer is almost certainly a resounding “yes.” In today’s blog post, we’re taking a look at three things business owners need to know about risk mitigation for their companies.

1. It’s financially responsible.

Many companies disregard the idea of risk mitigation because they think they don’t need or they can’t afford consulting firms to help them. They think it’s not for them because they’re too small for it to matter. This is absolutely not the case. A Prae Venire risk mitigation consultant can help you come up with a plan that’s perfectly tailored to your business’s goals, industry, and budget. Since we keep your budget in mind, working with us on risk mitigation is a wise financial decision. The money you stand to save is far greater than the money you might spend with fraud or violations.

2. A broad range of things can be considered risks.

Risk mitigation isn’t just focused on one risk. It can help you prepare for a wide range of potential scenarios you’ve probably never even considered. Maybe one day you’ll do business with partners, investors or even clients without a background check, only to find out they have a shady past. That’s a risk. Or maybe one day a competitor will rip you off and start selling your clients a cheaper version of your product. That’s a risk, too. Risk mitigation can help you assess the risks your business faces and do something about them ahead of time, plus make a plan for how you’ll handle it if the bad possibilities come to fruition despite your best efforts.

3. It doesn’t just protect you financially. It also protects your reputation.

Risk mitigation can save you money by protecting you from expensive mistakes, but it does so much more than that. It can also help you protect your business from risks that could damage its reputation, like lawsuits or other public accusations of wrongdoing.

Where can a small or mid-sized company find risk mitigation services?

If you’re ready to create a risk-mitigation plan for your small to mid-sized business, the Prae Venire team is here to help you. Contact us today to learn more about us and our services! We can’t wait to work with you.