Associated with changes in the political environment, legislation, tax rates, international relations. For example, a change of government, the introduction of new laws can greatly affect the company’s activities . Natural. These are risks associated with natural disasters. For example, frosts in May can affect agricultural enterprises, and storms in the summer can affect companies in the tourism sector and the hotel business .
Associated with fluctuations in exchange rates
Inflation, economic downturns, and other factors that affect the financial condition of a company. For example, an unexpected devaluation of the national currency can make importing goods more expensive . Social. Business can also be affected by changes in society. For example, private clinics may lose some clients because the government is working to improve public hospitals.
For this reason, some people stop
Giving preference to private clinics. Risk management methods philippines phone number library Prevention The risk manager’s job in this case is to prevent a threat, that is, to prevent some bad event from happening. To do this, he constantly collects information about external and internal factors that can affect the company’s work. Then he makes decisions that will help neutralize the negative consequences.
Let’s say a risk manager analyzes
The overall market situation and sees that a company will have a new competitor in a month. The risk manager’s primary task is to think through a strategy that will help minimize the risk of the most obvious example losing customers. Softening When something has already happened, you can reduce the risk and business losses. For example, during Covid, many companies could not maintain their staff and fired specialists. Some entrepreneurs transferred their employees to remote work, thanks to this decision they managed to mitigate the consequences of such an unforeseen threat.
Transfer The risk can often be delegated to someone else
Such as an insurance company. If you insure your building, if a fire or tg data flood occurs, you will receive compensation to cover the losses. Elimination This method is aimed at eliminating the consequences of what happened. It is advisable to develop an action plan for crisis situations in advance in order to deal with the problems that have arisen more quickly.