Identifying and mitigating risks

SACEOS encourages SMEs to upgrade their risk management systems

Building a strong risk mitigation plan strengthens business fundamentals. Credit: Getty images/ Fokusiert

SINGAPORE - Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS) recently organised a SME (Small Medium Enterprises) Clinic on Enterprise Risk Management with topics such as SME Help Fund and Business & Events Insurance as the key areas of focus.

The association is encouraging business owners to upgrade their risk management systems to identify key risks and build risk mitigation plans to strengthen their business fundamentals.

It said that the COVID-19 outbreak has seen many enterprises confronted with multiple strategic and operational challenges, such as delayed or interrupted supplies, changes in customer demand, cost increases, delays in delivery, employee health and safety protection issues, amongst other business risks.

SMEs are facing acute cashflows and operational difficulties today mostly due to inadequate care and planning of their capital and asset management during "peaceful" days.

With these reasons, proper cash flow management and appropriate business insurance can help business owners achieve peace of mind even if another crisis strikes.

The topics were as follows:

•    Risk Management & Event Insurance, by Arthur J Gallagher
•    Cash Flow Management and How to Benefit from SME Help Fund, by Minterest
•    Private one-to-one consultation session, with advisers from Arthur J Gallagher and/or Minterest

Founded by Arthur J. Gallagher in Chicago in 1927, Arthur J Gallagher has grown to be one of the leading insurance brokerages, risk management, and human capital consultant companies in the world. With significant reach internationally, it employs over 30,000 people and its global network provides services in more than 150 countries.

The company's insurance expertise available to the exhibition and conference industry, includes cancellation & abandonment, non-appearance of key speakers, and customised travel insurance program for conference delegates

Minterest is a peer-to-business financial technology platform founded by a team of former bankers with more than 155 years of collective experience in corporate and structured finance. Minterest holds a Capital Markets Services Licence to deal in securities under the Securities and Futures Act.

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