LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on business risk management: ways to tackle potential business risks. This article provides comprehensive insights into the meaning of business risk management and also highlights the key risk management challenges faced by companies. Experts at Infiniti Research have also elaborated strategies to overcome these business risk management challenges.
A business risk framework identifies, tracks, prioritizes, and addresses risks to minimize adversities from unexpected events. It can help companies gain the ability to make more informed risk-based decisions. A business risk management process involves the following steps:
- Identifying risks
- Analyzing risks
- Responding to risk
- Monitoring risk and opportunities
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Business risk management challenges
Speed of information
Businesses must undertake decision-making and formulate strategies as a part of business risk management before the news of a risk event is released. In some cases, a single risk event is attached to other unrelated risk events and when combined it may rapidly begin to erode the organization’s reputation and goodwill. To address such situations, some organizations are working proactively to consider their organization’s responses and business risk management strategies more robustly and well in advance of an actual event.
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Complexity of business
Cyber threats, regulatory shifts, and changing social demographics may cause significant risks for an organization. Furthermore, these risks may be related to or can trigger other risks, adding to the complexity of the business risk management challenge. Despite this, the C-suite in most companies fail to recognize the value of embracing a more holistic and team-based enterprise-wide approach to risk assessment and mitigation.
Integration of risk oversight and strategy
Some organizations may experience a disconnect between their organization’s business risk management and strategic planning activities. In many companies, business risk management is viewed as a compliance or regulatory activity. This means that often risk management in organizations are transferred to a lower level, non-strategic position. As a result, the organization’s business risk management efforts are often inadequately integrated with strategic planning.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
