Create a risk profile on any small business with name having less than 500 employees
Consider this questions
Are the risks to the business mostly external, internal or both
Does the business operate in naturally hazardous or heavily regulated industry
Does the location of the business make it vulnerable
Do aspects of the businesses operate make it susceptible to people risks
Does the business operate in a way that leaves open to technology risks
The risk profile should identify five risks in priority order
Add bullet points beneath each risk that describes the category of the risk and whether it is internal or external, controllable or not
Aad last bullet to describe a realistic way of managing the risk
Small Business Profile: ABC Tech Solutions (100 employees)
1. Cybersecurity Threats
- Category: Technology Risk
- Internal/External: External
- Controllable: Partially
- Best way to manage risk: Implementing robust cybersecurity measures, conducting regular security audits, and educating employees on best practices.
2. Economic Downturn
- Category: External Risk
- Internal/External: External
- Controllable: Not completely
- Best way to manage risk: Diversifying revenue streams, building cash reserves, and maintaining strong relationships with vendors and clients.
3. Regulatory Compliance
- Category: Compliance Risk
- Internal/External: Both
- Controllable: Partially
- Best way to manage risk: Staying up-to-date on industry regulations, investing in compliance training for employees, and working with legal counsel to ensure compliance.
4. Talent Retention
- Category: People Risk
- Internal/External: Internal
- Controllable: Partially
- Best way to manage risk: Implementing competitive compensation and benefits packages, providing opportunities for professional growth, and fostering a positive work culture.
5. Natural Disasters
- Category: Location Risk
- Internal/External: External
- Controllable: Not completely
- Best way to manage risk: Creating a robust disaster recovery plan, investing in business interruption insurance, and regularly reviewing and updating emergency protocols.