Risk Review - call 084 321 81 674

The Risk Review

Book a risk reviewThe Risk Review is a far reaching review of the business, and will look at its opportunities and threats, exit strategy, fire, security, legal compliance, defence strategies, and a review of your risk transfer (insurance) strategy. The areas covered include -

 

 

You will receive a report on how well prepared the business is at present and those areas of the business where additional work is required. We will put forward recommendations and suggest realistic timescales to take action.

 

We have risk specialists either in-house or third party contractors with whom we have a good working relationship who will be able to assist you in all of these areas. In some cases our specialists will carry on our work with you by carrying out a free risk audit of your procedures.

 

Contact Us now to find out about a risk review

Risk Review

 

 

An introduction to Risk Management Advisory Services Risk Review

Risk Management Advisory Services. We are an independent risk advisory company providing an holistic risk review service to businesses of all sizes.

 

Risk Review – why?

We are all busy individuals and try to rely on our good judgement and knowledge to run our businesses. We run our businesses because we believe in what we can offer our customers but as a result we end up acting as the salesman, we do the marketing, design the product, make it and if possible also try to then carry out all of the after sales activity. We then employ the staff, collect the money, deal with tax and legal issues.


You will take good advice from specialists. Your accountant, bank manager, solicitor and possibly HR advisor will all help you in their specialist areas but who works with you in the important area of risk? This is where Risk Management Advisory Services comes into play. We can offer you an independent risk review service.

 

Why would you not want to carry out a risk review with RMAS? Call us now to book a Risk Review

 

Risk Review – why not?

We hear a number of objections to carrying out a Risk Review with RMAS. Some of the common ones are set out below with our response -

 

  • I’m a sole director
    Many of our clients are sole directors, which in many ways leaves them even more exposed. D&O has protected them from the same pitfalls that all businesses face when dealing with the outside world.”

  • We only run a small business
    Many of our clients run small businesses. Unfortunately, legislation is no respecter of size, in fact, the smaller the business the more vulnerable it becomes"

  • We’re an established business, it won’t happen to us
    “Many of our clients run established businesses, but with at least 1,500 disqualifications a year and an increasing number of DTI fast track proceedings, the risks to you are multiplying. This has already seen many directors accepting a disqualification uncontested, simply because they cannot afford the defence costs.”

  • I don’t have the time
    We understand that you will have many calls on your time, however we will work with you, at a time that suits you, morning, afternoon or evening, at your premises or elsewhere if you prefer. We work with you, the business owner or MD, but will, as appropriate also work with others in your business as part of the fact find and review process. We will report to you only on how prepared you are to deal with risk and providing an action plan.”

  • I can’t afford it
    At just £250 plus VAT for the smaller businesses you will receive our unique risk review service. At £500 plus VAT for most businesses this still represents exceedingly good value for money

If you are still not sure that you will benefit from the Risk Review have a look at the numerous Directors Duties below.

 

Call us now to book a Risk Review

Book a risk review

 

Directors’ Duties

 

Fiduciary duty in the position of trustee, meaning - looking after the affairs of those with which they have been entrusted at least as well as if they were their own

  • to act in a bona fide manner, in the interests of the company
  • exercise powers for the purpose for which they were given
  • trusteeship of the company’s assets

 

Skill & Care

  • need not apply a level greater skill or care than would be expected of someone with their experience occupying that position
  • must take care as an ordinary man would, need not give constant attention to the company’s affairs
  • may rely on those to whom tasks are delegated

 

Good faith

  • must at all times act in good faith and in the best interests of the Company

 

Some examples of breaches of Directors’ duties

 

Allegation of a Wrongful Act

Wrongful Act shall mean any actual or alleged error, misstatement, misleading statement, omission, neglect, breach of duty, breach of trust or breach of warranty of authority by the Directors or Officers in the discharge of their duties as Directors or Officers or any matter claimed against them solely by reason of their being Directors or Officers of the Company.”

 

Duty - fiduciary

A director was found to be in breach of his fiduciary duty to the shareholders of a company by failing to disclose matters relevant to the transfer of their shares.
The director requested that the shareholders should transfer their shareholdings to him in order to sell the business at the insistence of the franchisor and advised that the shares would be returned if the sale did not proceed.
The sale did not have to occur and the director refused to re-transfer the shares. It was held that he breached his duty by failing to give the shareholders a full account of the situation.
He was ordered to pay damages equivalent to the value of the shares at the date of transfer. The policy would have paid these damages as well as his defence costs.

 

Duty - insolvency

Two directors of a company were found guilty of wrongful trading following the failure of their company.
One of the directors had paid off a debt to another company he owned in preference to other creditors. They were both held personally responsible and liable for over £400,000 of the company’s debts.

 

Duty - corporate manslaughter

Directors of a transportation company were found guilty of corporate manslaughter following an accident involving one of their lorries where the driver fell asleep at the wheel causing a serious accident in which some people were killed.
The directors were found guilty of not ensuring drivers kept to their driving regulations and that such an omission amounted to manslaughter. It was held that this was the prime reason for the fatal accident.

 

Duty - Health & Safety

Two directors were found guilty of corporate manslaughter following the continued use of a dangerous machine contrary to instructions by The Health & Safety Executive.
A manager of a water sports lake was found to have breached Health & Safety laws following an accident on the lake between two leisure craft.
It is of course possible to insure against many of the liabilities arising from a breach of duty, however this insurance will only apply when something has gone wrong.

Some examples of this include -

 

Directors and Officers liability insurance claims

  1. Two directors of a transportation company were found guilty for making a driver work excessive hours which resulted in a fatal accident.
  2. Minority shareholder brought an action against a director who advised him to sell his shares, following which the share price increased dramatically on announcement of a new project.
  3. Chairman of a company was sued for defamation following a statement at an AGM where he insinuated that a company they had dealt with had a poorly run operation.
  4. Director who has accepted an order at a trade fair could not recall the details the following day and was sued by the customer for breach of contract.
  5. Director is being prosecuted for claiming a subsidy on an export order that ended up in a completely different country where the subsidy was not available.
  6. Director signed a cheque with the incorrect company name - when the cheque was not honoured, he was held personally liable for the full amount.

 

The Risk Review from RMAS is an opportunity of reviewing the whole range of risks facing busy Directors, and particularly the Managing Director on a face to face basis. The service will give you the opportunity of discussing in detail your plans and thoughts for the business and any of the issues that could be preventing you taking the next steps. Following the review you will receive a report outlining the major risks identified and any agreed action plans. We are also happy to introduce our risk management service providers who will be able to assist you with the action plan.

 

For more information please call 084 321 81 673 or email us now

 

Risk Managent Advisory Services will visit to complete a Risk Review for your business throughout Northamptionshire and Cambridgeshire, Cambs, Lincs, Rutland, Leics, Beds and Bucks. Based in Oundle, we are also close to Peterborough and Stamford.