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22 October 2015

LOUIS-THE-LAWYER column

RISK INSERT 1

When you are asked to address the concept of risk, how do you do that and what do you deem to be ‘risk’? I was asked to do that and thought it would be easier if I categorize it into the following five categories and then deal with the risk profile of each, i.e. broadly speaking the areas of risk any business are exposed to can been allocated to five categories i.e.:

·                     PEOPLE

·                     MONEY

·                     LAW

·                     SERVICE

·                     ECOLOGY

Any business should be aware of these risks, take the necessary steps to identify the extent to which it manifests itself in his or her business and take the necessary steps to minimise, contain or eliminate the risk. This process is called risk management and the successful implementation of such a process will not only make your business more risk averse but it will also lead to a decrease not only in the incidence of high risk events but of your insurance premiums and if you do so successfully over a period of time, you even be in a position based on your risk and claims profile  to qualify for higher excesses and thus lower premiums and if you are REALLY successful, you can start looking at self-insurance and even an off-shore captive … now we are talking! 

Adv Louis Nel

B.Comm, LL.B. LL.M.

Corporate Legal Facilitator

 

37 Halifax Street

Bryanston

PO Box 239

Cramerview

South Africa

2060

PH 27 11 463-4556

FX 27 11 463-4557

MOB 27 83 679-4556

EM louis@louisthelawyer.co.za

MEMBER OF & LEGAL COUNSEL TO: ABTA - ASATA – ATTA - EGF – EXSA – FEDHASA - FGASA – IIPT - MICE - SAACI – SACIA - SANDTON TOURISM ASSOCIATION - SATSA – SKAL – STPP – TRAVELBAGS