Business owners in the UK are more likely to be prepared for a crisis than many of their global counterparts, it has been claimed.
A survey by business advisers at Grant Thornton asked business owners worldwide whether they had policies in place for dealing with certain risk areas, such as the loss of key suppliers or customers, the loss of key staff and disaster recovery.
The research found that 77% of UK businesses have documentation in place to deal with disaster recovery or a major IT failure, placing it fourth and fifth highest respectively.
In addition, more than 80% of UK businesses have a policy in place for dealing with a breach of sensitive data, compared with a global average of 74%.
Alysoun Stewart, head of Grant Thornton's Strategic Services Group, said: “Risk management should be an integral part of every firm’s strategic management, so it is encouraging to see so many UK businesses appearing to take the issue seriously.
“Identifying fundamental risks and taking steps to prepare for them is essential for minimising the impact of a disaster, which is key to the continuity of privately held businesses.”
However, the survey found that just 26% of UK businesses have a formal policy in place to deal with a reputation or media crisis, compared with a global average of 35%.
Stewart added: “It is staggering to believe that so few businesses are prepared to deal with potential PR disasters.
“One only has to think of the food contamination scares involving Cadbury and Nestle and the lifelong associations they carry to realise the importance of the issue.”
© Crimson Business Ltd. 2007
