“Risk Mitigation” has notoriously commercial connotations, most commonly in the insurance and finance industries. However, “risk” is something that everyone juggles with everyday, whether you’re running a multinational company or picking flowers in the park.
It’s defined as the “systematic reduction in the extent of exposure to a risk and/or the likelihood of its occurrence.” So, why should risk mitigation only apply to businesses? In fact, would a better question for everyone to ask themselves not be, “What are the chances that this can go wrong?”
There are thousands of examples from across Australia, and the rest of the world, where risk is such an imposing factor in decision making, that those affected are forced to take extra precautions or seek professional guidance to avoid it. We’ll explore a few examples with you, by delving into cases that we’re equipped to tackle, and what the outcomes of those cases mean to our clients – both commercial and private.
Head Hunting, Contracting & Recruitment: Finding the perfect person, or groups of people to suit a role can be a very challenging and therefore very time consuming process, meaning that many companies simply overlook the risks involved. Candidates who lie about or exaggerate their qualifications and experiences aren’t always caught and often, when they are, it’s simply too late. The levels of risk involved in hiring underqualified professionals varies greatly, depending on the industry and the roles in question. Employing an unqualified doctor, for example, is sure to lead to worse outcomes than employing an underqualified personal assistant. We can help you apply practical and efficient countermeasures to ensure that you only select suitably qualified and experienced applicants, no matter the industry.
Financial Investments: Whether you work for an investment bank or you’re looking to invest in something for the first time, it’s crucial that you know what you’re getting into, how much it’s really going to cost and what the returns are, despite what you’re being told. Larger investment firms will tend to have their own investigations divisions or work hand-in-hand with likened organisations to stay one step ahead of the news. Medium-sized and smaller organisations, as well as the general public, struggle to uncover they information they need to make more lucrative investments, leading at least 5% of the Australian population to invest in fake opportunities every year.
Insurance Claims and Fraud: Last year, approximately $300 million in insurance fraud was detected prior to being paid out. While that sounds like a big saving, which it is, it doesn’t compare to the $2.2 billion that insurance fraud costs the industry every year. Through professional investigations, suspicious cases and the outcomes of their investigations can help insurers to improve on their methods of fraud detection and ultimately save themselves and their customers money.
Data Leaks and Espionage: Despite technology being ever-present in today’s market place, many companies and individuals continue to be careless with their data and data protection. There are literally hundreds of thousands of avenues that people can take to steal or misuse important information, whether it be for financial, personal or commercial reasons. In some cases, it’s not even necessarily your technology that’s the issue – board meetings are often held in large spaces where anyone walking by can pick up on what’s being said. A quick text message to a competitor can give them a major advantage. As such, we can work with you and your organisation to set up effective counter-espionage equipment and procedures for staff to follow. Regular bug-sweeps are also a great way to minimise the chances of your confidential conversations being overheard.
Computer Systems and Data Handling: Finding the perfect person, or groups of people to suit a role can be a very challenging and therefore very time consuming process, meaning that many companies simply overlook the risks involved. Candidates who lie about or exaggerate their qualifications and experiences aren’t always caught and often, when they are, it’s simply too late. The levels of risk involved in hiring underqualified professionals varies greatly, depending on the industry and the roles in question. Employing an unqualified doctor, for example, is sure to lead to worse outcomes than employing an underqualified personal assistant.
Emotional Investments: Being “emotionally invested” doesn’t necessarily only refer to love and amicable relationships. There are times when people make decisions, and sometimes they’re big decisions, based on the way they feel about the people involved, instead of the tasks at hand. For example, an employer might be inclined to let Dave do a job that he isn’t suited for, simply because he’s been at the company for a long time. Alternatively, people can look to invest in things, financially or emotionally, because they feel some kind of affiliation with it, regardless of how poor the investment might be. We can help you make better, more informed decisions from an unbiased and professional point of view, whether you’re investing in people, time or things.
All of the information we collect from you about your case(s) is stored on an encrypted Precise Investigation server and deleted automatically after 3-5 years, depending on the state, jurisdiction and legal implications associated with the case in question.
Precise Investigation has been providing Australian businesses and individuals with professional, results-driven investigations since 1987, and branched out to offer a more comprehensive suite of risk-reduction strategies and solutions to people in need. With just one phone call, email, text message or social media interaction, you can have us work with you to not only reduce your day-to-day risk, but implement long-term solutions to keep that risk as low as possible, for as long as possible.
Give us a call today on 1300 856 011 to get the ball rolling. We’ll be able to answer all of your questions and guide you on where best to start.
Thanks for reading,
The Precise Team.