Risk management must be extended to e-commerce, warns BDO Stoy Hayward
Companies must ensure that their risk management procedures extend to e-business, or face a barrage of new problems according to BDO Stoy Hayward.
Although the internet is having a positive effect on the way business is conducted, a number of risk areas have been identified that could have a serious effect on companies if they do not keep a careful track of internet usage, the firm said.
As well as more obvious risks such as web site failure, viruses and unauthorised access from hackers, BDO has also highlighted the potentially disastrous effects that could arise from employees sending emails which contain libelous statements, for the which an employer is liable.
The internet and email are also subject to the same copyright restrictions as general printed media so companies could unknowingly fall foul of infringements by using unlicensed sounds, graphics of other features that could lead to a claim from anywhere in the world.
The firm’s risk management services managing director Nicholas Gray said: ‘The importance of managing risks in this relatively new area cannot be overstated. If predictions as to the potential growth in the use of the internet and e-commerce transactions area accurate, this area will need to be addressed as a matter of some priority.’
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