Reduce Risk

Reduce Risk (& the Cost of Insurance)!

All commerce entails risk. The key is to manage and reduce these risks.

  • Country Risk - Review their Country Profile (Country Risk Profile? Sanctions?) - with the ExportersAlmanac.
  • Credit References - Get a Credit Reference on your potential Buyers and Suppliers - with Graydon.
  • CyberSecurity - CyberSecurity is not just having anti-virus protection and a firewall. Make sure you are fully protected.
  • Debt Recovery - If payment is not received, employ the services of a Debt Recovery Agency.
  • Foreign Exchange ("FX") - Fix your forward rates and ensure you get the best rate possible, sign up to Ebury.
  • Identities & eSignatures - How to confirm online identities and sign documents online; securely.
  • Insurance - Insure your trade credit, shipment and general business and professional risks.
  • Intellectual Property - How to protect your IP.
  • Pricing & Payments Terms - How you determine the terms and conditions of your pricing and payment profiles impact on your commercial risk.

N.B. You also run risks when relying on a single supplier or just a few buyers. If either of these is the case, you should look to find New Suppliers and/or Find New Buyers.