As the calendar nears the end of 2016, companies should start considering a business risk assessment. This can help the business start the new year on a solid note, feeling more secure about where they stand. The attorneys at InnovaCounsel offer a business risk assessment, but what exactly is it?

Here’s the breakdown of what a business risk assessment includes and what it does for a company:

Definition of ‘Business Risk’:

A risk is an uncertainty affiliated with a particular circumstance that could render that business inoperable or cause financial difficulties. Basically, a business risk is anything that could hurt the company.

There are different types of risk, and it’s important to be aware of each. Some businesses only have to worry about certain types of risk, but it’s good to be aware of all risks. Internal risks can consist of financial, marketing, operational, strategic, and work force risks. External risks include changing economy, new competitors, natural disasters, etc.

When InnovaCounsel performs a business risk assessment, they use a structured process that inventories risks and legal issues that should be addressed in order to protect that particular business. It helps the business to realize where they are vulnerable and where changes may be necessary to be compliant with the law.

InnovaCounsel recommends companies have a business risk assessment done annually. This is because policies change, new employees are brought in each year, along with other changes. Doing a risk assessment at the end of the year helps a business look at how they adapted to the new policies that were implemented at the beginning of the year. There might also be new policies coming into effect in 2017 that businesses need help integrating.

Get protected and prevent legal problems by contacting InnovaCounsel for an end-of-the-year business risk assessment. Visit the website to learn more about their assessment process and its benefits.