The Lumos Partnership

Business Risk Mitigation

Business Risk Mitigation

Business Risk Management is a subset of Enterprise-wide Risk Analysis. It is an approach to assess and validate internal process risks to minimise these risks and associated costs.

A fundamental tenet of commerce is the understanding and acceptance of necessary risk (both positive and negative) to run a business. Whilst risk is readily accepted in the pursuit of revenue and profitability, companies also need to minimise the uncertainty of internal business process and minimise expected cost to increase certainty of positive financial outcomes.

Irrespective of the nature of our clients’ business, we help clients map and assess relevant internal processes and risks, their characteristics and impact on financial results. Once completed all parties can work together to identify potential risk mitigation strategies and the programme of work required to ensure the risks inherent to the business are acceptable.

Risk is not something to be wary of. We like to put it into context and understand its relevance to all of the activities of our clients. Then we can build an approach to adjust and manage the risk and rewards according to our clients’ needs.

Outsourced Risk Management

We provide clients with a complete risk management function on an as-required or part-time basis. Our clients benefit from a vast breadth and depth of expertise without the associated full-time costs. Our multi-disciplinary team can deliver an extensive range of risk management activities including:

  • Identify and evaluate risk - creating and updating risk registers and maps, creating and monitoring protocols, reporting to the board.
  • Reduce risk, protect assets and image - risk reduction programmes include sprinkler, manage H&S implementation, insurance procurement/risk financing, claims management as well as and being the emergency response team. Services can also include risk management advice and administration services and embedding cultural change through internal (employees) and external (suppliers, stakeholders) communication.

Market Opportunity Optimisation

We accept all strategies, tactics and approaches to maintaining revenue and achieving growth have risks attached. From a growth perspective risks may be identified in the evaluation of new products, competition, technology or new markets. In contrast to internal business risks, these market risks are part and parcel of revenue acquisition. The challenge organisations face is which strategies should be assessed and pursued.

In a similar manner to internal business risk evaluation, we offer a robust method to help clients map and assess the uncertainty of return of different strategies, identify key success factors and analyse the best route to maximise effort and investment.

We assist clients in achieving a more favourable sales outcome, by helping them understand their client’s decision making process and how best to influence this. For example, decisions by clients to proceed with a purchase or to buy a service may be based upon many factors or sometimes only one. Frequently, these decisions are not fully appraised or rationalised. This lack of clarity can make it difficult to replicate the same outcome and to increase revenue.