Risk management is an important part of enterprise strategy, regardless of the type of activity. And in the case of a casino, the owner of the project has to face not only administrative and financial risks but also fraud on the part of customers. So the issue of protection against threats becomes even more relevant.
Risk control in a casino is a system for running internal business procedures aimed at reducing negative consequences in the course of an enterprise's operation.
Risk supervision tools are designed to perform the following tasks:
Business risk falls into two main groups:
Additionally, in the gambling industry, it is worth highlighting the following types of risks:
To conduct a risk assessment, a single scheme is used that is relevant for commercial start-ups of any format.
Main stages of risk management
Identification of risk factors
To assess the likelihood of risks and predict the scale of consequences, multi-level analytical services are used.
Risk management programs should be integrated into all departments of the company.
For the most effectiveness, risk control tools need to be implemented at different levels — from monitoring the work of support to monitoring the activities of project managers and evaluating the effectiveness of partners
The program of work must be implemented at the stage of the project creation.
The timely development of a strategy is a preventive measure that allows you to eliminate the main risks and minimise the negative consequences in case of emergencies
Implementation of the strategy
The system needs to be tested and launched at the stage of developing the main business case.
The best option is to create a special branch division
Evaluation of results
The work of the risk control team is supposed to be evaluated in two dimensions:
The starting point for implementing risk control that has positive results is to create a list of possible negative factors and an action plan to manage them.
The main ways to control risk situations and factors are:
The negative factor is registered in the risk management software, but no actions are currently being taken.
The acceptance strategy works well with the evaluation and control of known risks. For example, the operator will sooner or later have to pay the user a large jackpot. But it makes no sense to take any preventive measures because the reserve capital was prepared at the stage of formation and registration of the company. No other actions are required.
Potentially dangerous situations can be avoided by radically changing the structure of the business or entirely abandoning some areas of growth.
For instance, in the regulatory jurisdiction, new parameters for the supervision of gambling establishments have been adopted and an increase in the tax rate is planned. The operator can either accept a new policy or terminate relations with the licensor by obtaining permission from another authority.
This is a business program in which the damage to the enterprise is completely borne by other project participants.
In the field of iGaming, two examples of such a system can be distinguished:
One of the most common supervision techniques involves several preventive measures to minimise the possible consequences of doing business.
Available tools and actions:
Risk management programs are very different from any control business strategy.
Our team offers:
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