Risk in Personal Life and Business

The morning started with an introduction from your host who talked about the difference between risk and uncertainty, explaining about our personal and business risk profiles; are you risk averse, risk seeking or risk neutral he posed? Pondering further he showed us how businesses might assess risk from the basis of being a ‘Prospector’, an ‘Analyser’, a ‘Defender’ or ‘Reactor’. He introduced us into the TARA model for managing risks. Tara Blog

Martin Waller developed on this explaining how our personal approach to risk would impact on how we planned for our future and for our pension. This was all about the ‘R’ in TARA, i.e. reducing risk by understanding and planning for it. A good planner makes good sense!

Martin Blower explained how a good insurance broker could not only help us reduce personal risk (or at least take sensible risk), but also ensure we Transfer (The TARA ‘T’) the right of risk to an insurer – that’s what insurance is!

With financial risk being a key concern for us all Kym Nahar explained how the banks ensure we are protected from risk when we go online. It is amazing what a few small tips, just a little education and a bit of effort can do for our confidence. That is the first ‘A’ in TARA, ‘Avoid’ risk.  And on inspiring confidence, Sharna Raine was on hand to remind us of the great work that Bedfordshire police do, both in the community and with businesses. You can volunteer you know – as the second ‘A’ is Accept – so that we can make our community even safer in accepting some risk. 

In the afternoon, which switched to business. Your hosts, in supporting businesses, like to think of Business Risk as comprising:

1.       Strategic Risk: Peter Bays spoke about property investment, either by buying or renting and how to plan for the right approach in your business, whilst Matt Wallis explained the importance of recruiting correctly.

2.       Operational Risk: this led on to Alan Moore explaining the importance of proper risk assessment to keep staff safe, focusing on the valuable community resource, pregnant women, which Veeran Lala expanded on with Health and Safety in the workplace.

3.       Compliance Risk: Akash Gupta explained how small businesses need to comply with work based pensions, legislation designed to provide for our future by investing in our now, showing us how to minimise the administration burden associated with complying.

4.       Reporting Risk: Adam Fernandes then explained how to use cloud computing to meet the requirements of HMRC, starting in April 2017, to report self-employed and company tax each quarter. This will be a big change and significant risk.

Jean Flower showed us the benefits of proper business planning to ensure that we can identify, plan and monitor risk. Martin Blower then returned to remind businesses that a good insurance broker will add value in assessing and covering risk way beyond the small additional premium it may cost.

In pursuing their aspirations for people and business matters to be effective (in this case understanding risk), efficient (by covering risk) and economic (by saving more than they spend), for this reason, we feel this subject will have more and detailed focus in the future

 With thanks to: Speakers: Keith Abrahams – Positive Ways; Martin Waller – HC Wealth Management; Martin Blower – A-Plan Insurance; Kym Nahar – Natwest Bank; Claire McCartney – WorldPay; Sharna Raine – Bedfordshire Police; Alan Moore – HR Dept; Matt Wallis – Pask Partnership; Akash Gupta – APG Wealth Management; Veeran Lala – Natwest Bank;  Peter Bays – Just Clarity; Adam Fernandes – UHY Hacker Young; Jean Flower – ALF.

 

 

 

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