The Finishes and Interiors Sector (FIS) has launched a new Business Risk Management Tool to support specialist contractors and help them adopt a structured approach to understanding risk and reducing uncertainty.
The Business Risk Management Tool identifies over 120 common risk areas for contractors against the categories including Business Management, Contractual, Financial, Quality, H&S and Procurement, providing a mechanism to score and rank risk and advice on mitigation and management.
A risk management matrix ranks risk in term of probability of an event occurring and the severity of the impact should the event occur. It can be used to identify and prioritise activity so that a contractor can then make informed business decisions and improve their resilience.
Commenting on the launch of the risk management tool, Iain McIlwee from FIS said: “Our hope is that this risk management tool at least helps protect people from the unknown unknowns.”