The Finishes and Interiors Sector (FIS) has launched a new Business Risk Management Tool to support contractors and help them adopt a structured approach to understanding risk and reducing uncertainty.

Launched at the FIS Virtual AGM and Conference on the 24 November, the Business Risk Management Tool identifies over 120 common risk areas for contractors against the categories including Business Management, Contractual, Financial, Quality, H&S and Procurement,  providing a mechanism to score and rank risk and advice on mitigation and management.

A risk management matrix ranks risk in term of probability of an event occurring and the severity of the impact should the event occur. It can be used to identify and prioritise activity so that a contractor can then make informed business decisions and improve their resilience.

In her AGM speech, FIS President and Operations Director at Tapper Interiors, Helen Tapper stated: “I know what it’s like to not be able to afford expensive consultants or accountants to give me regulatory or financial advice. I know what it’s like to sometimes make decisions that I don’t feel qualified to make and bear the responsibility for that. Here’s an amazing statistic for you, nearly 60% of our contractor members turn over less than £5m and in fact only 17% turnover more than £10m and we never forget that statistic. You, like me, need the advice, technical guidance and moral support more than anyone and once again FIS membership pays dividends. It is these companies that we are targeting our new Business Risk Management Tool that is now available to download from our website.”

Commenting on the launch of the risk management tool, FIS CEO Iain McIlwee said: “We have learned in the past few years that basic risk management in construction needs to improve. Beyond the obvious, the worst thing for any business is getting smacked in the side of the head by something they didn’t see coming on a busy Tuesday afternoon. Our hope is that this risk management tool at least helps protect people from the unknown unknowns.  It is built on the collective wisdom of our community and a tried and tested framework. It isn’t a static thing and we can develop and evolve it as we help members front up to daily problems in the 21st Century.  We don’t have to learn from our mistakes, we can communicate and collaborate and learn as a community from each other – this way the sector gets better”.

The Risk Management Tool is available to download free for members of the FIS community here – FIS Business Risk Management Tool.