OCTOBER has certainly arrived with falling temperatures and increased rainfall.

The unpredictability of the weather is just one factor which sometimes catches businesses out.

The Mersey estuary has a history of flooding and Warrington’s stretch of the river has regular ‘flood warnings’ issued.

Any development of ‘Port Warrington’ will without doubt take this into account.

From flooding to fire and from corruption to critical illness risk is something which people and companies alike have to take account of.

Conducting a risk assessment for your firm can become the difference between a short-term set-back and permanent closure.

And insurance is not always the answer. Business insurance can be very costly and so many companies (particularly small firms) can skimp.

There are established approaches to the completion of a ‘risk register’, which can take into account a range of risks and helps managers to assess the likelihood and impact, including transaction or trading risks.

By setting aside some time to consider the potential risks for a company, contingency plans may be made and if the worst does happen actions can get the business back to work quickly.

So given that it’s only a little time to complete, why leave risk to chance?

LAWRENCE Bellamy is associate dean at the University of Chester's Padgate campus and writes a regular column for the business pages.