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Risk Management

Risk Management is an essential tool in the Asset Protection process. Whether you operate a business or own different types of assets, risk management is one very important factor that you should consider and review regularly. Call the Ferguson Cannon team today on 1800 640 509 and speak to Byron Cannon for detailed and expert advice on how you can minimise legal risk in your business.

Identify and Manage Risk

Two essential steps in Risk Management is to identify the risk, and manage the risk. If you are unable to properly identify potential risks you will not be able to manage them.

The skilled and experienced solicitors at Ferguson Cannon Lawyers will be able to assist you to audit your affairs from a risk perspective and identify all risks that need to be managed.

Effective strategies can then be implemented to manage risks that have been identified.

Asset Ownership Structure

It is amazing how many assets are put at risk by a very simple mistake being made at the time that assets are acquired. It is very important to obtain legal and accounting advice before assets are acquired (including business assets) to ensure that other hard earned assets are not jeopardized by one particular transaction.

Preventing Partnership Problems

It is often the case that business assets, and other assets (such as property) are dwindled away because of disputes between business owners or shareholders. The potential of this occurring can be minimized by discussing what can go wrong, agreeing on ways to prevent these problems, executing a properly documented agreement. This should occur before a business commences or the ownership of an asset is finalized.

Ferguson Cannon Lawyers will be able to assist you in the preparation of this documentation.

Preventing problems with the people we deal with

Too many times do business owners (and asset owners) fall into litigation by having disputes with their customers, suppliers, and other businesses.

Having an effective Contract drawn up between the people that you deal with such as supply agreements, terms of trade, etc is an important part of risk management. It is also a very simple and cost effective measure.

Before any legal agreement is entered into, such as leasing, sales, borrowing, engaging contractors etc it is important to know your own legal rights, and the legal rights of those that you are dealing with.

Our priority is to work with you and achieve effective legal agreements to protect you and your hard-earned assets.

Preventing employee problems

Often businesses fail, or get themselves into financial difficulty, because they do not have properly documented agreements with their employees and management. Businesses also do not properly understand appropriate awards and industrial relations laws that apply to their particular business.

Some businesses and worksites are not familiar with their Work Place Health and Safety obligations. To avoid exposure to prosecution it is important that all of these rights are known, and systems documented.

Our experience will help guide you through the minefield of legislative obligations.

Keep a paper trail

Quite often agreements between parties evolve through a series of meetings, phone discussions, emails, letters, and the conduct of the parties. If there is no formal documentation of an agreement it is difficult for Courts to establish exactly what the terms of an agreement is between the feuding parties.

At the least, an email or letter should be forwarded and signed by the parties confirming the terms of their agreement. If the agreement is significant, legal advice should be obtained to ensure that the agreement is properly documented, and that the risk of a dispute in relation to the agreement is minimized.

It is also very important to keep a written record of all discussions that you have in business so that these can be relied upon in the future, if required.

Insurance

Insurance is an effective form of Risk Management. Any business that does not have an appropriate insurance policy in place is putting itself in serious risk of financial breakdown if a law suit arises as a result of the conduct of the business. Insurance is the first line of defence in this situation.

Get Legal Advice

If you have identified the potential that a dispute may arise, get legal advice at an early stage. This could save many thousands of dollars in the future if the dispute is able to be resolved quickly after advice is obtained.

Ferguson Cannon Lawyers have an experienced team of Lawyers and Paralegals in our Asset Protection Division that will be able to assist you with all of your requirements for risk management. For any further queries please do not hesitate to contact Byron Cannon, Director, on 1800 640 509, or email byron@fclawyers.com.au.