March 20, 2018

Risk management in business essay sample

Figuring out potential threats and managing them timely is a key to success in every business. Competitors suddenly coming on to the market or a new governmental regulation can spoil the trade even to the most circumspect entrepreneurs. Risk management helps to eliminate as many threats as possible for those who can understand and analyze their environment.

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We need risk management not only to prevent grand failures such as bankruptcy but also to make our everyday work easier and be more productive. To achieve these aims, entrepreneurs have to analyze their business environment, define potential threats and their likelihood of occurring. Taking certain risk-management approaches, entrepreneurs regularly monitor their efficiency.

There are various types of risks and their prevention. Strategic and compliance risks are most unpredictable as they do not always emerge from the business and its operation. Strategic risks are mergers and acquisitions as well as changes in the industry or market. Compliance risks come out of laws and regulations the business has to comply with. To predict risks that come from outside, entrepreneurs shall be more interested in anything that happens in politics and business environment.

Financial and operational risks are tightly connected to the company’s everyday functioning. Operational risks often concern digital safety, but there are also recruitment, supply chain, and accounting control that can go wrong. They can be easily detected as entrepreneurs know their financial policy and can regulate everything that goes wrong. Or they can appoint new people to manage internal failures in security or finance. Many risks can be transferred to the partnering insurance company. Risk management is also about delegating risks and accepting them when necessary.

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