- Risk identification.
Look at your properties, contracts, and your relationships with other people and identify where are the weaknesses in your systems. - Risk impact.
Review the physical, relationship, external, and system risks you just identified, and try to understand their impact on your business. - Prioritize.
Find the biggest, most impactful issues in your business that need to be solved the fastest. - Manage the risk.
Address the issues you prioritized and find the solution for them. - Monitor the situation.
Now, that you solved the most impactful issues, make sure to monitor them over time.
Go through this cycle over and over again. In big corporations, risk managers go over this list at least once a year, but sometimes every quarter.
So now, we encourage you to go through these 5 steps to manage the risk in your business. Share your insights with us on social media!
Mentioned in the show:
- Shineinsurance.com
- Jeremy’s LinkedIn
- www.shineinsurance.com/managing-commercial-real-estate-risk
- The REI Clarity Framework
Need an instant insurance ballpark for your next Multifamily deal?! Answer 9 simple questions and we’ll give you a sense of what insurance should be. Visit us here for everything you need to know: https://www.shineinsurance.com/ballpark/
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