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Risks are the factors that can prevent an ideal outcome. They can cause losses to your business and can be unpredictable. By understanding risk, you can prepare for any eventuality.
There are four main types of risk: technical, financial, people, and organizational. These categories are categorized based on the specific elements within a project or operational environment.
Technical risks can include hardware and software problems. People risks are related to inadequacies in human capital management. Legal and compliance risks are influenced by laws and regulations that pertain to your company.
Operational risks are the day-to-day activities of your business that could prevent an ideal outcome. The causes for these risks can vary, but can include process failures, human error, or the inability to contact a supplier. Reputational risks can be the result of a negative product review or a major lawsuit.
Financial risks can arise due to instability in the financial markets. In addition, companies are also at risk when extending credit to customers. If a customer does not pay, the company could end up in a big hole.
Organizational risks can affect your company’s reputation. This is the result of inadequacies in a company’s management and board performance. It can also be the result of inadequate planning.
Identifying and quantifying risks can help you prioritize them. You can consider how they will affect your business, customers, and stakeholders. Some of these risks can affect revenue, time, and resources.
To help identify your business’ most at-risk areas, create a breakdown of your risk categories. Each category contains specific elements that could have a major impact on your project.
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