Risk Management

Risk Management

Risk Management Business Consultants in Phoenix

Risk management plays an important role in many aspects of everyday life. From public health and safety to security and engineering to your business plan or portfolio, predicting and planning for risks is vital to maintaining consistency and sustainability. 

H&H Accounting Services in Phoenix understands the risks facing SMBs in the Valley and across the nation. We know how to spot risks and understand how to help businesses prepare to counter both internal and external operational hurdles. 

Institutional Resilience and

Why It Matters

Your business’s resilience depends in part on its ability to survive adverse events. Predicting those events is key in risk management and assessment. Not every business risk is equal, and your plan to combat those adverse situations should vary based on their likelihood and severity.

The goal of our risk management business consultants in Phoenix is to ensure our client businesses understand both the types of risks they may face in the future and how they can prepare to meet those challenges.




Risk Management Business Consultants in Phoenix

No two businesses are exactly the same, even if they are companies in the same industry or geographic location. Two HVAC companies in Phoenix that offer identical services will have different management, different employees and may encounter distinct challenges. 
Some examples of risks a business in Phoenix may encounter include: 

Corruption
Regulatory issues
Litigation or government enforcement actions
Compliance failures
Break-ins, fires or other property disasters
Hazardous material spills or injuries
Employee risks (drunk driving accidents on the job, serious injuries)
Management or investor actions
All types of external disasters (like a pandemic or recession)
Hacking and data security breaches
Strategic challenges
Not every risk will be relevant to every type of business, but it’s important to think broadly about your business’s risk exposure. Few people in mid-2019 were predicting a global pandemic that would force the closure of hundreds of thousands of businesses across the country, but it happened. 

The extent of your risk management will vary depending on your resources and the potential impact of an issue. For example, businesses that employ delivery drivers must acknowledge the risk of driver auto accidents and the potential for injuries and liability lawsuits. Businesses that handle hazardous cargo or utilize hazardous materials in the manufacturing of a product or a service they provide must be aware of spill or exposure risks. 

Planning for potential external or internal threats can help you both prevent those risks from becoming a reality and ensure you are equipped to deal with those situations if they do arise. 

Meeting Compliance Standards 

An important aspect of risk management for many businesses is related to various state and federal compliance guidelines. Some of these compliance standards may be related to data security or HIPAA laws (in the case of medical providers), while others might be related to specific business practices (like maintaining a board of directors, updating bylaws, etc.). Businesses also must adhere to things like the Fair Labor Standards Act or meet certain filing requirements to maintain organizational categorization (like for non-profit status). 

Our Phoenix risk management team can help you identify potential compliance failures and help you seal those weaknesses. 

Mistakes Businesses Make in Risk Assessments

Over reliance on past performance and historical data
Narrowly targeting their assessments at the obvious risks
Failure to acknowledge or take seriously hidden or unlikely risks
Failure to communicate or properly react when an adverse event occurs

Working with business consultants who understand risk management and how to plan for negative outcomes can help businesses avoid some of the common pitfalls of risk management. The team at H&H Accounting Services puts in the effort necessary to thoroughly assess your business’s risks, help you prioritize corrective strategies to safeguard your business and establish mitigation protocols.



Call H&H Accounting Services today to schedule a free one-hour consultation and learn about your risk mitigation options.


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