Page 21 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Strategic Report - Principal Risks and Uncertainties For the year ended 30 June 2021

globally and introduce additional blogs, newsletter and press that the appropriate levels of
telecommunications and internet releases that promote a positive resource are in place to maintain
providers to mitigate the risk of image of the Beeks brand the quality of service expected by STRATEGIC REPORT
a degraded service from one or our clients. This risk is managed
more providers i) The Group’s counterparties by having a core of highly skilled
may become insolvent or their permanent staff along with a pool
g) Achievement of strategic aims circumstances may change of temporary staff that can be
The value of an investment in There is a risk that parties with brought in at short notice to help at
The Group is dependent on The whom The Group trades or has times of high volume. We continue
Group achieving its strategic aims. other business relationships to supplement these resources by
While the Directors are optimistic (including partners, clients, engaging international businesses
about the prospects for The Group, suppliers, subcontractors and to operate within our technology
there is no certainty that it will be other parties) may become platform, giving us further variable
capable of achieving its strategy insolvent or their circumstances cost capacity.
or the anticipated revenues or may change, particularly given
growth or that it will ultimately the current climate. In the event The use of technology helps
become profitable on a sustainable that a party with whom The Group mitigate this risk by streamlining
basis. The Group’s future operating trades becomes insolvent or if processes as much as possible
results will be highly dependent their circumstances change, this and enabling efficient access to a
upon how well it manages its could have an adverse impact on large, global and scalable pool of
planned expansion strategy and the revenues and profitability of The independent contractors.
the timeframe within which that Group. This risk is being mitigated by:
strategy is executed. This risk is / Beeks policy is that no client
being mitigated by: should represent more than ten
/Beeks strategic aims are per cent of Group revenue without
regularly reviewed and tracked so Board approval. This reduces the
that the activities of the technical, potential impact to The Group
marketing and financial resources of any one client’s change in
are closely aligned relationship with the business
/ For key infrastructure supply,
h) Damage to The Group’s we now have multiple vendors in
reputation or brand place. This reduces the potential
The Beeks brand may be negatively impact to The Group of any one
affected by any negative publicity, supplier’s change in relationship
commentary on social media with the Business
platforms or weblogs, regardless
of accuracy. This risk is being j) Other Operational risks
mitigated by: The greatest operational risk
/ Beeks have introduced remains as the management of
marketing strategies including any unexpected peaks or troughs
regular social media and website in service orders and ensuring
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