Impossible debts or loans to pay, loss of profits, asset risks due to share purchases, additional operating costs, delinquent clients or even fines.
Strategic risk
Strategic risks relate to changes in direction in planning, guided by disruptive innovation based on new technologies.
It can also mean the failure of a business decision, the launch of new products or new services that did not yield the expected benefits.
Additionally, they may be related to marketing strategies that did not achieve their objectives.
Strategic risks also include new market demands, to which some companies cannot adapt.
Compliance risks
Compliance risk is quite simple and affects all types of rules and regulations imposed by the government or other authorities.
They are related to the security and protection of consumers, workers, the environment, commercial data, among others.
This includes food safety regulations, construction authorization for new projects, chemical compliance for the production of products based on hazardous substances, compliance with legal guidelines such as the LGPD, among many others.
Failure to comply with mandatory regulations can have portugal whatsapp data multiple consequences, from fines, legal proceedings, administrative sanctions and negative publicity that damages the reputation of the business.
Reputational risk
In some ways, reputation is a company's greatest asset.
It's no news that consumers are more likely to choose a reputable brand over a company with bad reviews , poor customer service, or even a lawsuit.
Today, with the rise of social media, brands are highly vulnerable to reputational risks, and virtually anyone has the power to leave a negative comment or review for the public to see.
Therefore, it is essential to take care and predict so that these risks do not affect the business.
Operational risks
Many people confuse operational risk with strategic risk, but there is a significant difference.
The failure of a strategy does not mean that the company would stop operating.
However, if a company is going through an operational crisis, it will not be able to execute most of its business strategies smoothly.
Operational risks may involve environmental damage, accidents or setbacks, strikes, technical and system interruptions, etc.
There is no specific time for your company to begin implementing risk management planning. This is a step that should be taken even when you are creating your company.
In other words, what are the risks of launching your brand and products or services to market?
The origin of risk management is related to the business creation process itself.
However, if we are talking about an already established company, know that the prerogative is the same: risk management is a crucial activity for the operation, which must be applied at all times.
What are the steps of risk management?
In order to have a good corporate risk management plan, some processes must be implemented in the company. Check out the four important steps:
1. Establish the company's objectives
The first step is to set objectives related to risk management. What problems does the company want to avoid?
We know the most popular answer would be: “Everyone ! ”
However, the important thing is to prioritize the problems. Analyze your history and understand the main difficulties of recent years.
They will be enough for you and your team to understand the main risks to the business.
2. Identify and analyze risks
Recognizing a problem is essential in order to address it and overcome this difficulty. This is the main characteristic of the initial phase of risk management.
At this stage, a systematic assessment of each area is carried out, analysing possible gaps and particularities. It is necessary to assess what happens for the identified risks to actually occur. All sectors of a company must be mapped, from human resources to sales, HR or finance.
It is important to understand that there is no one management formula, as the process varies according to the structure of each organization and its most urgent needs. It is also in this initial phase of risk management that past (or overcome) failures come into play, which need to be remembered so that they do not happen again.