IRM issues risk management warning

The Institute of Risk Management (IRM) has issued a warning on the consequences of not using a risk management plan in place within the workplace.

According to Ian Fraser, the marketing manager for the IRM, businesses affected by a serious disaster are at risk of failing after the event.

Mr Fraser warned that small enterprises are particularly at risk.

"If a small business fails to manage its risk effectively and something happens then the consequences can be severe," said Mr Fraser.

"Even if they do [survive] they can find themselves uninsurable or facing high premiums thereafter."

Additionally, Mr Fraser noted that for those small businesses who are unsure in the field of risk management, such organisation should make use of training and advice from sources such as Business Link and insurance brokers.