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Managing Risk
As your business grows, you’re likely to find yourself taking on new responsibilities and undertaking new activities. It’s vital to be aware of the potential risks these activities might pose, and to take the steps necessary to protect yourself and your business.
Find out how RBC can help:
When you travel to meet new clients or suppliers, you want to concentrate on the work at hand. The right travel products let you focus on the purpose of your trip, while providing the peace of mind that comes from having the protection and convenient access to cash you need.
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Visa* Business Platinum Avion® credit card
Earn travel rewards and more when you use the convenient business Avion expense card. You also receive a host of special features, such as travel accident insurance, flight delay insurance and lost baggage expenses.
Travel insurance
Protect yourself and your business with Travel HealthProtector® insurance². Travel HealthProtector insurance provides coverage for emergency hospitalization, medical costs and related services while you are abroad.
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While a costly, unforeseen event can hurt a company of any size, for a small business the losses can affect both the business and you, as the owner. The loss or disability of a key employee, theft, litigation, fire — any of these events could have serious financial implications. That’s why it’s important to have procedures to help prevent accidents, and financial protection in case they do occur.
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Risk mitigation solutions
Reduce your risk of theft or fraud with internal controls and cross checks. Review your financial transaction process with your RBC small business advisor, who can recommend solutions to help manage your risk.
Insurance solutions
Safeguard your business with comprehensive insurance coverage. A qualified insurance agent or broker can recommend a variety of solutions that can help.
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Exporting may be a great way to gain new business, but you’ll need to address the challenges that international transactions can create. Customers can take longer to receive and inspect your shipment, process your foreign currency invoice and issue payment. And for high-value receivables, changes in currency-exchange rates can put thousands of dollars at risk between the time you invoice and the time you receive payment. Managing these challenges is a key part of making your international growth strategy a success.
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Trade solutions
Protect yourself and your business with trade advice and solutions when you carry out international transactions. These include financing foreign receivables, providing foreign exchange (FX) and offering a variety of FX products to mitigate exchange risk, such as FX spot transactions, swaps and options.
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If you’re in growth mode, you may be expanding your pool of suppliers, including those located outside of North America. This can take additional time to complete the sales cycle, as you’ll need to clear the materials, use them in your manufacturing process, then sell the goods. Making a cash payment or deposit in advance of receiving the goods can strain your cash flow and expose you to risks of default, but your export partner will still want assurance of payment.
| How we can help: |
Trade solutions
You need cash flow to see you through the “import to final sale” timeframe and you need to be able to provide your exporting counterparts with payment guarantees. Our solutions include documentary letters of credit and guarantees, providing foreign exchange and offering a variety of FX products to mitigate exchange risk, such as FX spot transactions, swaps and options.
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² Travel HealthProtector is underwritten by RBC Insurance Company of Canada.
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