Manage risks in the new year
Article by Jennifer Holdstock
The start of a new year, particularly while it is still so quiet at work due to so many people still being on holidays, is a good time to get your work affairs in order.
Managing data
Start with archiving – a new year means you can probably shred a whole year’s worth of archives. Time to pull out the archive list and do a review. Remember to flag anything that might be needed for litigation now or in the future. Anything that you flag should be kept. Otherwise, shredding old files is a good way to make space for new ones.
Also keep in mind that under certain privacy legislation obligations, you are not allowed to retain information for longer that you need it, so if you don’t need to keep it for any tax, audit or legal purpose, should you be keeping it for any lengthy period of time?
Consider whether your office can operate paper free. For the first time this year (yes – I know we are late to the party), we are trying to run a paper free office. For litigators this is hard, but we are going to try.
Consider the old quandary between electronic calendars and hard copy calendars. Do your home and word calendars sync? Do they need to?
From a cybersecurity perspective, is it time to update your passwords, or invest in a password manager subscription?
How often do you back up your data? Do you back up your data? Where is it stored?
The new year is a good time to make a list of all these things and get them done. You will have great peace of mind starting the new year knowing all these things are up to date.
Audit your financial statements
If you have a bookkeeper, in-house or external accountant or CFO, ask yourself whether it is necessary to have your accounts audited by someone independent.
If you have someone other than yourself managing your financial affairs, it is always recommended to have an independent third party review your affairs from time to time. Don’t want until it is too late.
Policies and training for employees
Other than when employees commence with you, how often do you roll out regular training to your employees? Have you rolled out the Respect@Work training? Are you aware of the expectations around psychosocial hazards in the workplace? When is the last time you rolled out sexual harassment training?
Having policies or a handbook in place, is not enough. Workplaces are now expected to conduct regular training, and do things to anticipate and stamp out workplace psychosocial hazards before they occur.
The start of the year is a great time to schedule all training throughout the year to ensure you are managing all these risks. Your insurer will definitely want to know you are doing it and that you have proof it was done.
While you’re at it, when was the last time your workplace policies were reviewed? Is it time for a refresh?
Review and renegotiate pricing with service providers
The new year is also a good time to renegotiate utility, insurance and other service providers to ensure you have sufficient coverage and area getting the best price for the service.
Particularly in the days of increased cybercrime and hacking, it is important to check whether you have cybersecurity coverage at all, or whether your coverage is enough.
Getting your workplace affairs in order is important to manage risk and clear the decks for a successful business year in 2025.
All the best for the new year from our team at Holdstock Law.