Page 19 - RISK Management IC86 Ebook

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iv) Reduce the fluctuations in annual profits and cash flows.

v) Help to continue operations following a loss, thus
retaining, customers or suppliers who might otherwise
turn to competitors.

vi) Creditors, customers and suppliers, all of whom
contribute to company's profits, prefer to do business
with a firm that has sound protection against pure risks.
Employees also prefer to work for such firms.

Benefits of risk management to a business benefits of
managing risks

l Risk management has other benefits for an organization,
including:
n Saving resources: Time, assets, income, property and
people are all valuable resources that can be saved if fewer
claims occur.

n Protecting the reputation and public image of the
organization.

n Preventing or reducing legal liability and increasing the
stability of operations.

n Protecting physical, human and intellectual assets from
bodily injury and damage

n Protecting the environment.

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