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Statistics reveal that in the UK three quarters of business owners fear making professional mistakes, yet the majority remain both unprepared and unprotected to attend to a compensation claim should it arise.
Business decision makers’ / executives’ / owners’ main objective is to satisfy clients’ needs and deliver on company promises. In order to do so effectively, a company needs to operate efficiently at all times. However, with companies increasingly facing a growing number of risks, both anticipated and uncontrollable, decision makers are taking strain and businesses are being adversely impacted.
Current marketplace conditions and the economic environment are testing businesses from all angles. While the fluctuating exchange rate may not directly impact a business’ day-to-day bottom line, it could potentially have dire effects if a business’ replacement ratios for their assets, such as machinery and equipment, are not reviewed on a regular basis.
Information technology accounts for two of the Top 10 Operational Risks for 2016 identified by risk.net while interviewing chief risk officers, heads of operational risk and other operation risk practitioners at financial services firms, banks, insurers and asset managers in global markets during December 2015.
The strongest deterrent against FSP compliance missteps is or should be: