Kevin Hunter Memphis Affirms Need for Risk Management in Small Businesses

NEW YORK, NY, July 06, 2012 (Press-News.org) The recent economic hardships and industry shifts that have occurred as a result of America's most recent recession has led many businesses to analyze the exact causes of those problems. A recent article from The Huffington Post connects many issues to improper risk management. Now that the dust has settled from the 2007-2009 credit collapse, many industry leaders are implementing top-down risk management to cover all areas of potential risk. As listed in the article, these practices may include proper assessment of market, credit, operational and reputational risks. For seasoned business executive, Kevin Hunter, Memphis small businesses should take note of these new procedures, especially enterprise risk management methods.

The article provides a thorough list of the aforementioned types of risk and what companies should do to address them. For instance, some companies may need to find more adequate ways of measuring international regulations to tackle concerns regarding market risk. Credit risk, is a major financial struggle for companies that requires advanced accounting skills to ensure company stability even if clients are unable to pay back on debts. Although more intangible, reputation is often the deciding factor of whether a business will thrive - especially in cases where the company is new.

While it is essential to address each of these risks, operational risks are the most potent and destructive according to The Huffington Post. The issues regard internal procedures that may involve employee relations, fraud protection and ethical control. The severity is highlighted in this statement from the article, "It is the failure of internal processes and people, internal controls and lack of professional judgment and ethics which caused the demise of many financial institutions during the financial crisis of 2007-the present."

While operational risks refer to a lot of procedures within a company, Kevin Hunter of Memphis notes that not every business is large enough to address them. For instance, a small enterprise may not have enough employees to create the departmental divisions that would allow for checks and balances within the company. When a company can not handle risk management on its own, executives may consider enterprise risk management.

According to the article, enterprise risk management methods are an all-inclusive, holistic approach to analyzing and correcting all factors of risk within a company. Not only will these new concepts help protect businesses, but they will also cut down costs associated with risk management. Kevin Hunter is a strong supporter of the top-down methodology behind enterprise risk management and from his experience as a business executive he has seen the need for such practices firsthand. He states, "The small and middle business markets truly need an overall enterprise approach on key strategic company matters, especially in their risk and insurance programming."

ABOUT:

Kevin Hunter of Memphis is an experienced business executive who has worked in several industries. He has vast experience working in sales, telecom, automotive, marketing and leadership positions. Today, he is the CEO of Riverton Tunica, LLC, an investment company specializing in the expansion of gaming markets within the Tunica, Mississippi area. As a graduate of the University of Mississippi, he has become very familiar with several industries within the area. He has worked with small and larger companies, including those in the commercial insurance sector, arena football and advertising.

Website: http://kevinhuntermemphis.org