Скачать или смотреть What Exactly are the Financial Risks

Join Matt and Jimmy in this episode of Coffee & Consultants, the series that unpacks engaging insights and solutions from industry experts. This episode reviews what the business financial risks are and considers both the tangible and intangible aspects of financial risk.

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All right, I want to start this one just because we we did speak a second about the risk identification part. But that's really only the the mechanical electrical part of it, the digital part of it. But when it comes to the client, their business, understanding what could happen to them worst case scenario, okay, that's a risk, this isn't so bad, but it's still a risk, we need to find mitigation strategies. I think is going to be another thing that kind of brings these two worlds a little bit closer together.

Right, and I think is important as a gap analysis is, or even if you don't talk about a return on investment discussion, those are important. But if you're talking about company image, and all those other intangible financial things, those all have to be considered too. And a lot of times, they don't think of it like that.

Right. And I would I wouldn't even classify it, you know, people think you can put risk and you can put fear, and it's really just an overlapping Venn diagram. But really, when we're talking about risk, I think instead of trying to throw out bad examples of something that happened in the past, that's the fear type of persuasion. Identifying risk is, no this is where you sit financially. This is where your company sits financially in terms of risk.

Right. I mean, if you can tie $1 value to the risk mitigation, processes, procedures and things that you're going to do in the facility, that's what gets people's attention. I don't think that, again, the fear is important to to tell them why, but I think at this point, everyone in the industry understands why, we all know that we're in a hazardous industry and we choose to be in the hazardous industry. But if you can do something to help increase revenue and increase bottom line, that's what's gonna make people do something that they didn't do today.

Absolutely.