What are the most common events that you often associate with risk contingency planning? Fires, floods, and hurricanes – aren't these natural disasters that you seem to link with contingency planning? But what if one of your suppliers from the main chain goes bankrupt, or your...
Finding and evaluating your business' risk is crucial for every business. Finding the risk management plan components that can help your business be better protected is the first step. Defining risk management plan A risk management plan refers to a written document that encompasses the process an...
All business owners must embrace the fact that risks are part and parcel of running a business. Every business owner is bound to encounter business risk factors or uncertainties that will end up affecting cash flows, growth, and profitability. While internal weaknesses might give rise...
With the ever-evolving Government Risk Management and Compliance (GRC) domain, businesses and their compliance departments need to keep up with the pace. Certain compliance risks present a higher risk factor for the corporate sector. Top 5 High-Risk Areas for Compliance Issues Here are the five compliance risks...
Compliance refers to corporate practice for adhering to the rules and regulations. Whereas compliance risks identify the financial and legal penalties your business faces when failing to follow the internal and external regulations. Common Types of Compliance Risks Seven types of compliance risks affect most companies. These are: Regulatory...