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What are the 5 main risk types that face business?
There are 5 main types of risks that businesses face:
Strategic risk: This type of risk arises from a business’s failure to make sound decisions regarding its goals and objectives. Strategic risks can arise from changes in the market, shifts in customer preferences, or failure to adapt to technological changes.
Financial risk: Financial risks are related to the potential for financial loss or instability. These risks can arise from factors such as changes in interest rates, currency fluctuations, or default on loans.
Operational risk: This risk type emerges from the day-to-day operations of a business. Operational risks can result from inadequate internal processes, technology failures, or supply chain disruptions.
Compliance risk: Compliance risks result from a business’s failure to comply with laws, regulations, or internal policies and procedures. These risks can result in fines, legal penalties, and reputational damage.
Reputational risk: Reputational risks are related to damage to a company’s brand or reputation. These risks can arise from factors such as product recalls, ethical violations, or negative publicity.