Life Science Bulletin July 2017 FOO
All successful business ventures involve some element of risk whether it stems from planning, investment or strategic decisions. This is particularly true for businesses in the Life Sciences sector, due to its high Research & Development (R&D) spend, the significant investment in capital test equipment as well as the use of cutting edge technology and activities.
While some risk is essential, it is not advisable to court unnecessary risk. An organised risk management programme can provide invaluable support by identifying, evaluating and controlling areas of risk and as a result improving the integrity of your decisions and maximising your chances for success.
Of course, some areas of risk are virtually impossible to remove or control – especially if they are external risks such as public perceptions of the industry as a whole, interest rates, the availability of finance and local government decisions. You should take the time to identify these risks and how they could affect your business before creating a contingency plan for dealing with them should they arise. It may be impossible to anticipate every eventuality, but making an effort to identify potential threats will help to minimise their impact.
This article focuses on potential areas of risk to your business operation and how you can help to mitigate them – avoiding potential financial consequences in the process. You may currently be outsourcing the operations mentioned in this article; if so, the following guidance can be used to understand more about your supplier’s risk management controls as well as helping you to recognise the impact that a disaster at their premises could have on your business.
Download the Life Science Bulletin July 2017