RiskSkill – Risk Review Services Launched

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Bill Trueman, director of the UKFraud an independent global fraud watchdog, has formed an independent organization i.e RiskSkill which will provide its risk services globally. RiskSkill will consists of highly experienced eminent risk professionals, risk specialists and risk advisers who will provide their services to corporates, enterprises, banks, businesses and other commercial organizations for risk review, risk management, compliance solutions, due dilligence, legalities & ethical conduct, etc. to prevent them from big losses and headaches.

Whether you are a big organization or small organization if you are exposed to risks, big challenges, exposures, compliance problems, or any kind of risk, RiskSkill can provide you solutions for all this so that you can save millions. For more information on RiskSkill and their services visit their website at http://www.riskskill.com

 

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Business Loss Prevention Techniques by RiskSkill

10 Things to Avoid on Your Management Plans to Prevent Loss in Your Business

If you’re on a mission to turn away your investors then by all means explain to them how you want them to sign a non-disclosure agreement or that you don’t have any competitors. But if you’re serious about attracting competitors then you’d do best to steer well clear of these 10 classic business plan mistakes. Make an attractive business plan and a powerful power point presentation to convey all the information about your business so that they get right information about the business and can turn into real investors. Below I am going to explain some such important aspects one by one which can really help you:

1. Asking Investors to Sign an NDA

NDAs (Non-Disclosure Agreements) are not usually signed by investors, angel investors or venture capitalist , because the strategy or concept of a business is not normally confidential. Although an important partnership may be confidential, it is the execution of the concept and strategy that make the company successful. When the concept or strategy has to stay confidential this indicates that there are no blocks to competitive entry, and if it can be copied by a competitor then it probably won’t be sustainable.

Proprietary technology, however, is confidential. Although the business plan does not want to mention aspects of the technology that are confidential, it should include details of what the benefits are and how they fulfill the need of customers. During the due diligence process, serious investors will review the technology itself, and this is when the NDA should be discussed.

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2. Excluding Thriving Firms from the Competitive Analysis

Although you may be tempted to show how unique you are in your business plan by saying you have very few competitors, this doesn’t normally look too good from the investor’s point of view. If there are not many companies in the market space then this suggests that there may not be a large enough customer base for the company’s products or services. Including successful firms can often be positive because it suggests a large market size, as well as assuring investors that the company has a large potential for profit and liquidity:

3. Focusing on First Mover Advantage

It is not a good argument to focus on first mover advantage alone. Rather, it is imperative that a business plan includes the strategies that show how the company will develop long lasting barriers around the customers.

The business plan should discuss how the company will retain customers, which could include building network externalities, value-added services over time and the implementation of customer relationship management tools.

4. Presenting Generic Market Sizes

If you define the size of the market too broadly, the value to the investor will be very low. Far more meaningful is the relevant market size, which is equal to the sales of the company if it managed to capture a large % of its niche in the market.

5. Giving too Much Attention to Proprietary Technology

Proprietary technology is important when it comes to investment decisions, but what is more important is to display how this technology satisfies a large and as-yet-unfulfilled customer need. Unsuccessful companies often fail to truly understand the needs of their customers. Identifying the target markets that show these needs and detailing a plan to penetrate the markets is key to the success of funding and execution.

6. Exaggerating Partnerships with Known Companies

Even though forming partnerships is common practice, more important than who a partnership is with are the terms of the partnership. The equitable terms of the partnership must be explained in the business plan, along with the partnership structure and how the partners will both improve operations and sales for you.

7. Too Much Focus on the Future

Rather than just focus on projections of future performance, it is far more important to study the previous track record of a company. Demonstrating the past success of a company is a good practice for providing investors with confidence for the future, and it is therefore important for a business plan to show the company’s previous accomplishments.

8. Failing to Change the CVs of the Management Team to the Ventures Development Cycle

CVs of the key members of the management team should be included in the business plan, along with their responsibilities. These need to be tailored specifically to the growth stage of the company because different skills are required for launching, growing and maintaining a company. Whereas a start-up company would do better to focus on the success of the management in launching other companies, a mature company would get more from showing how members of the team operated successfully within larger enterprise frameworks.

9. Aggressive Financial Projections

The projections in the financial section of the business plan have to be realistic because many investors will go straight to this section. If a plan shows unrealistic or inconsistent operating margin and penetration then this will damage the credibility of the whole plan. Instead, accurate and credible projections and assumptions will translate into increased credibility and maturity. Companies can prove that their projections and assumptions are attainable by basing these projections on the performance of public companies in their marketplace.

10. Ignoring Fraud Prevention System

Whether you are 100% confident about the loyalty of your employees still you need to put a proper and effective fraud prevention and fraud detection system to curb any fraud losses. One can see in history that most of the time loyal employees and relatives have been found indulged in the frauds and scams which results in a huge loss to the enterprises. Even some CEOs, loyal employees and close persons have committed such financial crimes in many companies and organizations. By putting a proper fraud detection and fraud prevention system enterprises can save millions and billions.

If you are following these steps then definitely it is going to help you in raising capital for your business, but just remember these facts which i have mentioned above, as many entrepreneurs know everything but do not stick to the plan.

Bill Trueman is payments, fraud & risk specialist and director of the UKFraud and RiskSkill based in UK which provide valuable consultancy services for fraud prevention, fraud detection, risk review, risk management, due diligence, compliance solutions to corporates, banks, business, banks, insurance companies, telecom companies, enterprises and government organizations worldwide. Bill Trueman is also an active member of AIRFA a global fraud & risk management organization. One can also visit him at Google+

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Risk Review Services for Business Organizations Launched

What I love about the work that we do is that it is so high profile and saves our clients so much money. When a primary focus is upon, say, delivering a stronger customer service, changing the culture within an organization, establishing better communications (whatever that means), or some element of project management; these projects are appreciated; but of little consequence compared to saving an organization that we save €10 million for. This also takes us and our reputations into a different direction.

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Many specialists, consultants or advisors enter a business and present a ‘generic’ programme of work for a business in order to solve (or not) a problem, with a rather formulaic solution; and it is just these types of specialists that we want to follow into organisations. A big AAA business – such as a processor, a bank or an insurance company will be left floundering about what to DO and how to actually achieve savings now that they have their ‘shiny’ new process, risk engine or ‘new line of defence’. But this is all fun for us – and we set to work in two distinct phases:

a) Risk Review of what has been done so far, and then how and where the losses are being seen and managed; followed by

b) A bespoke program of corporate risk review that is needed to start making the savings that the business is searching for. We either leave a business to deliver the program that we prescribe, or more often, help them deliver the savings – as this is where the culture change, delivery focus and business transformation stuff starts.

And that, combined all the fun of seeing the savings ‘come-in’ is where all the satisfaction lies. For more information on our risk review services click here.

Bill Trueman is director of UKFraud and RiskSkill

UK Fraud Launches New Total Risk Operation for Corporates.

business & corporate risk review and mangement consultancy

Leading fraud prevention consultancy UKFraud (www.ukfraud.co.uk) has launched a new risk consultancy operation called Riskskill (www.riskskill.com). The new operation delivers ‘total risk’ assessments for major corporations. These are aimed at solving problems and engineering bespoke risk reduction solutions anywhere across the business including: organisational, management, financial control and IT.

The assessments analyse those areas where organisations could be at risk, including: fraud, cyber crime breaches, bad debts and other write-offs, along with compliance penalties and legal losses. Having identified specific areas of risk, Riskskill will draft detailed business process, measurement, HR and IT system change plans. The plans which are backed-up by comprehensive coaching, training and mentoring programmes aimed at engineering ground-up solutions throughout the client’s organisation and systems.

Assessments are based upon proven analysis techniques used by UKFraud in the fraud and business consultancy sectors. The new operation draws upon both UKFraud’s resources and a selection of experienced ‘best of breed’ risk consultants, each a specialist in their own field.

Bill Trueman, the CEO of UKFraud and of the new Riskskill operation, believes that the new consultancy offers a radical alternative to major corporations suffering loss across the enterprise. In his view, “If the shareholders of some companies knew of the risks that their organisations faced, there would be many more demands for greater accountability and calls for changes to board membership at AGMs. However, in many cases the risks and exposures are played down or even concealed. Sometimes they are simply attributed to economic and external factors, rather than addressed.

“Major corporations are somewhat slow at making major reactive changes. However, they are also slow at implementing longer-term strategies to address risk ‘gaps’. As a result, they can often be aware of risk and the related or potential losses, but cannot adapt fast enough to manage the change required professionally. Sometimes the risk hot-spots fall between organisational silos so that no one area of the business is responsible. In these cases, what is needed is a more radical approach. It maybe that an IT related solution is required on the one hand, or simply a specific organisational change on the other. However, it frequently takes an experienced external viewpoint to spot, monitor, analyse and eliminate the risk fully.

“From our experience, most organisations are needlessly at risk across a range of areas and often the consequential losses could be a major threat to business performance. However, these risks can usually be identified quickly and effective plans drawn up. By utilising Riskskill, organisations can appreciate quickly the level of risk they are running and therein plan to reduce this rapidly.”

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