Types of Risks in Facilities Management
The biggest challenge in facilities management compliance is to ensure critical global compliance goals across multiple dimensions regarding the functionality, comfort, safety and efficiency of the built environment.
Beyond physical risks arising from health and safety considerations, organisations must also address growing financial, reputational, ethical, regulatory and contractual risks, by aligning with best practices and the latest legal standards. In this blog, we focus on these risks.
Financial Risks
Internal financial controls are essential for service providers and their subcontractors. More companies are looking at outsourcing facilities management and using an integrated platform for vendor and financial management. Strictly enforced procurement and vendor management policies and procedures can reduce financial risks.
SHEQX’s solution transforms your company’s data into rich visuals for you to collect and organise, so you can focus on what matters to you. Stay in the know, spot trends as they happen and push your business further.
Contractual Risks
Breach of contract is both a financial and legal risk with severe consequences. Non-compliance in facilities management can have serious repercussions. Failing to maintain building systems properly as per service agreements can result in equipment breakdown, as well as operational downtime and loss.
Reputational Risks
A lack of ethical practices and unethical behaviour can have negative consequences for a company’s bottom line and reputation. It can also result in a negative impact on the brand in the marketplace. Facilities management service providers need to demonstrate strong ethical behaviour in their relationship with subcontractors.
Overall, companies must also ensure their facilities management complies with other legal and human resource-related regulations, laws and company policies both in their operations and with their subcontractors.
Is your organisation capable and equipped to integrate the latest regulatory framework and good practice to guarantee the health and safety of all people involved, environmentally sustainable practices, and industry compliance to the highest global standards?
Our SHEQX (Health, Safety, Environment and Quality) management solution, part of the XGRC product range, is a perfect fit for companies who have Integrated Facilities Management as their core business.
SHEQ is an integrated management system that aggregates SHEQ data in a single, auditable database. It manages analysis and reporting effectively, ensuring effective compliance and a robust approach to corporate sustainability.
SHEQX suite of modules assists in driving compliance with international standards and guidelines, e.g. ISO 9001, ISO 14001, OHSAS 18001 and more.
