"Project & programme management specialists"
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"Project & programme management specialists"
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Operational Risk in Property Management Property is integral to a business and can account for up to 35% of operating cost – it needs to be managed effectively and can be very expensive if you get it wrong. TCL and its associates have extensive experience in the areas of property management and corporate risk management. TCL have brought this knowledge together in its service offering “Managing operational risk in property management”. What is operational risk and why is it important? Operational is defined as “The risk of loss resulting from inadequate or failed internal processes, people and systems or from external events”. Over the last decade organisations have been under increasing pressure to be able to demonstrate how they are identifying and managing their exposure to operational risks. With the introduction of Sarbanes Oxley legislation and the Basel II Accord this pressure has now become a mandatory requirement for many organisations. The effective management of operational risk assists an organisation to gain competitive advantage. It is worth noting the following when looking at operational risk from a property management perspective:
Examples of operational failures in property management might include:
TCL’s service includes a review process, risk identification and assessment as well as recommendations for change appropriate to the risk. It covers areas such as location risk, tenure arrangement, staff risk, information risk, regulatory risk, external supplier/partner exposure and financial risk. For more details on these service offerings please contact us. |
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