Effective Operation Risk Management

You’ve probably heard entrepreneurs and business owners using the term “operational risk management” in the past, but you might not understand the nature of the concept. If that’s the case, the information in this post should help to set the record straight and ensure your company does not fall behind the competition. You need a strong operational risk management strategy in place these days to strengthen the link between your brand’s strategic goals and the operational decisions made by your management teams. Follow each of the stages below to ensure you get it right!

Identifying the risks

The first stage of effective operational risk management involves taking the time to understand the nature of the risks your organization faces. The person in charge of the process should spend time reviewing the current situation and the company’s long-term strategy against the visible risks the brand might encounter. The most common risk …

Prevent Chargebacks

Merchants Still Sorting Through Visa’s New Chargeback Rules

Chargebacks. Every merchant’s worst nightmare involves chargebacks. They are hard to manage and incredibly expensive. And the new chargeback rules under Visa’s VCR have only made the process more complicated.

Ecommerce merchants have long-stated that chargeback rules are unclear and unfair. In April, Visa took steps to address merchants’ concerns by launching Visa Claims Resolution (VCR) process. This action completed overhauled the rules governing when and how disputed online transactions are resolved.

In addition, the San Francisco-based card network created a global, data-driven management system: Visa Resolve Online (VROL). The purpose of this measure was to automate the tedious process and eliminate up front as many disputes as possible. In case there are any further concerns or questions about how the process has changed for disputes, Card Not Present has also produced a guide to help them better understand the changes.

The …

What makes a great entrepreneur?

It used to be that only the wealthy and well-connected were able to take a great idea and turn it into something really big. But with the rise of the internet-based economy, the cost of entry for entrepreneurs with a dream has dropped rapidly, and there’s never been more room for invention and innovation, even on a shoestring budget. Despite all this potential, the vast majority of start-ups just don’t make it – whether it’s increased competition from other entrepreneurs, mismanagement of their funds, or simply a case of bad timing.

What hasn’t changed, however, are the underlying qualities that distinguish the entrepreneur who’s set on success, no matter how many hurdles they have to jump, and no matter how many times they fail. When the right mix of skill, passion and perseverance is there, a true entrepreneur is unstoppable. Here are the traits (both learned and innate) that make …

Best Deals on General Insurance

Buying any insurance can be a tough task for an individual, who is not all that keen on the insurance industry. Given the number of policies available, it can be a bit overwhelming to understand each of them and then decide which ones are applicable to them. To make things a little bit easier for such people, we will focus on one of the larger insurance categories available in the market today, general insurance.

A general insurance is a category of insurance policies that cater to non-life insurance entities. It ensures that the things that you love the most such as your health, car, bike, home etc. are well secured. Should anything unwanted happen, the policy will come into effect and save the day for you. The above entities usually pose a lot of financial risks should anything happen. Thus, it is imperative to buy a general insurance for such …