Why should it take a terrorist threat to make us consider operational risks?

For most Entrepreneurs, taking risks is a part of our business development.

Sometimes those risks are unimaginable and can affect our business plans in different ways. Customer demand for my profession’s business services has historically increased during terrorist activity. Notable peaks in demand have been in response to the dramatic and terrible events in London Bishopsgate 24th April 1993, New York 11th Sept 2001 and London 7th July 2005. Despite a tragic loss of life, the London bombings in 2005 had no significant and lasting impact to companies.

On 29th August 2014, MI5 has again raised the threat of terrorism in the UK from “Substantial” to “Severe – an attack is highly likely” although not imminent. It is not unreasonable to ask why “IS” action in Syria and Iraq could have a devastating effect upon the daily lives of business people in UK cities. In reality the risk is relatively low, compared to the rather mundane utilities loss, computer failure, staff missing, fire and flood, which we often associate with business disruptions.

As responsible business managers, what we must do is to ensure our companies keep running, whatever may happen. Focus upon the mundane risks first, as they account for over 95% of all disruptions. If you are not located next to a government location or transport hub, terrorism is not your greatest concern, rather just another risk to consider within your resilience strategy. It’s just good business sense.

With kind regards – Gareth

PPPIG FlowerGareth Crompton, MBCI
Abide Consulting Limited
Mobile. +44 (0)7507 560214
Office. +44 (0)1256 761556