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The painting to vector work to pixel art to 3D modelling.make it digitally I love it.The Main Types of Business Risk Scroll to top Andrew Blackman Andrew Blackman Mar 15 2022 8 min read 109 English Startups Business Plans Management Strategy This post is part of a series called Managing Risk in Your Business. How to Measure Risk in Your Business Businesses face all kinds of risks some of which can cause serious loss of profits or even bankruptcy. But while all large companies have extensive risk management departments smaller businesses tend not to look at the issue in such a systematic way. risk Managing risk is a key component of business success. Image source Envato.
Elements So in this fourpart series of tutorials youll learn the basics of risk management and how you can apply them in your business. In Job Function Email List this first tutorial well look at the main types of risk your business may face. Youll get a rundown of strategic risk compliance risk operational risk financial risk and reputational risk so that you understand what they mean and how they could affect your business. Then well get into the specifics of identifying and dealing with these risks in later tutorials in the series. Strategic Risk Everyone knows that a successful business needs a comprehensive wellthoughtout business plan. But its also a fact of life that things change and your bestlaid plans can sometimes come to look very outdated very quickly.
This is strategic risk. Its the risk that your companys strategy becomes less effective and your company struggles to reach its goals as a result. It could be due to technological changes a powerful new competitor entering the market shifts in customer demand spikes in the costs of raw materials or any number of other largescale changes. History is littered with examples of companies that faced strategic risk. Some managed to adapt successfully others didnt. A classic example is Kodak which had such a dominant position.
Elements So in this fourpart series of tutorials youll learn the basics of risk management and how you can apply them in your business. In Job Function Email List this first tutorial well look at the main types of risk your business may face. Youll get a rundown of strategic risk compliance risk operational risk financial risk and reputational risk so that you understand what they mean and how they could affect your business. Then well get into the specifics of identifying and dealing with these risks in later tutorials in the series. Strategic Risk Everyone knows that a successful business needs a comprehensive wellthoughtout business plan. But its also a fact of life that things change and your bestlaid plans can sometimes come to look very outdated very quickly.
This is strategic risk. Its the risk that your companys strategy becomes less effective and your company struggles to reach its goals as a result. It could be due to technological changes a powerful new competitor entering the market shifts in customer demand spikes in the costs of raw materials or any number of other largescale changes. History is littered with examples of companies that faced strategic risk. Some managed to adapt successfully others didnt. A classic example is Kodak which had such a dominant position.