SMEs get help to manage risk

A university research project is to identify the risks facing small businesses in the construction and manufacturing industries.

Funded by the European Commission, the £850,000 four-year scheme will develop software to help companies manage the operational risks facing their businesses. SMEs face threats associated with information and financial management, health and safety and intellectual property, which they often lack the capability to manage.
The project is being led by Wolverhampton University’s school of technology and will include partners from the UK, Czech Republic and Denmark.
Professor Chike Oduoza, who is leading the research, said: “The project will provide an affordable, flexible software-based tool for small to medium businesses to assist them in managing operational risks facing their businesses.”
The project will involve knowledge transfer and the exchange of researchers for up to two months across partner institutions and companies. The research will be shared via seminars, workshops, a website and international conferences. PhD students will also be trained during the course of the project.