Risk Management

Risk Management

Risks all Businesses should manage (but often don't)

Risk is inherent in doing business. The best way to fail is never to take any risks.

There are two kinds of risk: 

  • the kind you take consciously to move your company forward and
  • the kind that sneak up on you when your not looking.

The latter are the kind companies must actively manage to avoid a negative impact.

When it comes to managing business risk, many companies prepare for natural disasters, fire or maybe theft prevention (even though many small companies don't even do that). There are also bigger risks companies of all sizes should plan for and manage.

If you plan for what to do in case of physical emergency, you should also plan for:

Risk of competition

Market risk

Talent risk

IT risk

Financial/Commercial risk

Innovation risk

Relationship risk

Reputation risk

Risk Strategy

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