A risk is a possibility or threat of damage, injury, loss or any other negative occurrence. It is important for me to prepare for different business risks
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Physical loss
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Financial loss
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Reputation loss
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Registered businesses are required to follow certain provincial and national laws to avoid risks. This is also important to avoid the imposition of legal and financial charges on the business. Additionally, a business can also have their own internal policies to avoid risks such as work timings, or use of work resources. Some of the major risks are listed down in the tables below. However, I can also consult with the legal service or the City of Calgary to get detailed information on applicable laws according to my business circumstances.
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Issues with the people working for the business Human Resource Policy The government of Alberta has defined the minimum wage, working hours and other related aspects as standard for employers. Adherence to the standards is important to avoid legal charges and fines on business. See weblink Employment Standards in Alberta in Links to Important Websites section Key Areas
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Health and Safety of the workplace and workers Occupational Health and Safety Policy It is the legal responsibility of business owners to make sure that the working environment is a safe and healthy place for work. Fail to comply will result in fines up to $500,000 to $30,000 for each day of offense with up to six months of imprisonment. For 2nd subsequent offense, the fine is up to $10,00,000 to $60,000 for each day of offense with up to twelve months of imprisonment. See weblink Occupational and Safety Tool Kit for small business in Links to Important Websites section Key Areas
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Breach of Information and data The Freedom of Information and Protection of Privacy (FOIP) Act This act deals with situations where businesses can have personal or sensitive information about its stakeholders. See weblink freedom of information and protection of privacy (FOIP) Act Links to Important Websites section Key Areas
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Communicating with external and internal people Communication Policy Companies make communication policies to avoid confusion for communicating externally and internally with their employees, suppliers, and customers Key Areas
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Some other examples:
- Operational Policy is about the use of knowledge and instruments of the business
- Security Policy is about the general rules to maintain a secure environment and also to respond in case of any emergency situation
- Use of Space Policy sometimes includes the use of work supplies and parking of a vehicle at the workplace