Create a 5 risk management profile on tech company and evaluate whether the risk is speculative or pure, controllable or uncontrollable, insurable or uninsurable
And describe how likely the risk is to occur and indicate the size of the impact it could have on tech company and indicate with bullet text whether you will attend to avoid, reduce, transfer, or accept the risk.
Describe how this strategy could manage the risk
1. Cybersecurity Threats:
- Speculative risk
- Controllable risk
- Insurable risk
Likelihood of occurrence: High
Impact on tech company: Severe
Strategy: Invest in robust cybersecurity measures, conduct regular security audits and train employees on best practices to avoid the risk.
2. Supply Chain Disruptions:
- Pure risk
- Controllable risk
- Uninsurable risk
Likelihood of occurrence: Moderate
Impact on tech company: Moderate
Strategy: Diversify suppliers, maintain good relationships with key suppliers, and have contingency plans in place to reduce the risk.
3. Regulatory Changes:
- Pure risk
- Uncontrollable risk
- Uninsurable risk
Likelihood of occurrence: Low
Impact on tech company: High
Strategy: Stay informed about regulatory changes, be proactive in compliance, and have legal counsel to help navigate any changes to accept the risk.
4. Data Privacy Breaches:
- Speculative risk
- Controllable risk
- Insurable risk
Likelihood of occurrence: High
Impact on tech company: Severe
Strategy: Implement strong data privacy policies, ensure compliance with regulations such as GDPR, and have a data breach response plan in place to transfer the risk.
5. Talent Retention:
- Pure risk
- Controllable risk
- Uninsurable risk
Likelihood of occurrence: Moderate
Impact on tech company: Moderate
Strategy: Offer competitive compensation and benefits, provide opportunities for career growth and development, and conduct periodic employee satisfaction surveys to reduce the risk.