Black Swan Event Risk Analysis

They tend to happen when the fewest people are engaged; for example on a weekend or national holiday.

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Top 10 Risks In Business In 2023

What is the biggest obstacle or challenge that your business will face in 2023?

What are the risks that your business will have to overcome to be successful in 2023?

Top 10 business risks business leaders should worry about in 2023 in terms of maximising chances of business survival and future business success.

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It’s important to be aware of the potential risks that could impact your company’s survival and success.

Here are the top 10 business risks you should be aware of in 2023:

  1. Economic uncertainty: As the global economy continues to recover from the effects of the COVID-19 pandemic, over-printing of pandemic relief money and economic impact of Russian invasion of Ukraine there is still a great deal of uncertainty about the future. This can make it difficult for businesses to plan and operate effectively.
  2. Increased competition: As more companies enter the market and existing competitors become more aggressive, it can be difficult for businesses to maintain their market share and profitability.
  3. Changes in consumer behaviour: Consumer preferences and habits are constantly evolving, and businesses need to stay on top of these changes in order to remain relevant and competitive.
  4. Cybersecurity threats: The increasing reliance on technology and the rise of digital transactions have made businesses more vulnerable to cybersecurity threats. These threats can have a major impact on a company’s operations and reputation.
  5. Regulatory changes: Governments around the world are constantly implementing new regulations, and businesses need to be aware of these changes and ensure that they are in compliance.
  6. Talent shortages: The availability of skilled labour can be a major factor in a company’s success. As the global population ages and more people retire, it can be difficult for businesses to find and retain top talent.
  7. Supply chain disruptions: The global supply chain has become increasingly complex, and disruptions can have a major impact on a company’s operations and bottom line.
  8. Natural disasters: Natural disasters such as hurricanes, earthquakes, and floods can cause significant damage to a company’s facilities and operations, and can disrupt supply chains.
  9. Political instability: Unstable political environments can make it difficult for businesses to operate effectively, and can lead to changes in trade policies and other regulations.
  10. Climate change: The effects of climate change, such as rising sea levels and extreme weather events, can have negative impact on business activity.

Your business decision-making process  and management of risk will dictate your business success or failure of business in 2023.

The decision-making process is a critical aspect of successful business management. It allows business leaders to identify and assess potential risks and make informed decisions that can minimise the likelihood of failure and maximise the chances of success. Here are some key points to consider when it comes to the importance of the decision-making process in risk management:

  • The decision-making process helps business leaders to identify and assess potential risks. By carefully considering the possible consequences of their actions, business leaders can make informed decisions that minimise the likelihood of negative outcomes and maximise the chances of success.
  • The decision-making process allows business leaders to develop strategies for managing risks. Once potential risks have been identified and assessed, business leaders can develop strategies for dealing with them. This might involve implementing new policies and procedures, providing additional training to employees, or investing in new technologies or equipment.
  • The decision-making process enables business leaders to prioritise risks and allocate resources accordingly. Not all risks are created equal, and business leaders must be able to prioritize the most significant risks and allocate resources accordingly. By carefully considering the potential impact of different risks, business leaders can ensure that they are addressing the most important ones first.
  • The decision-making process can help businesses to avoid costly mistakes. By carefully considering the potential risks and making informed decisions, business leaders can avoid costly mistakes that could damage the business. This can help to save money, protect the company’s reputation, and maintain customer trust.
  • The decision-making process can improve communication and collaboration within the organization. By involving multiple stakeholders in the decision-making process, business leaders can foster collaboration and improve communication within the organization. This can help to ensure that all team members are on the same page and working towards a common goal.

The decision-making process is a critical component of successful business management. By identifying and assessing potential risks, developing strategies for managing them, and involving multiple stakeholders in the process, business leaders can minimiSe the likelihood of failure and maximise the chances of success.

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Top 10 Risks In Business In 2023

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How do you ensure your survival in business

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  • Prevent your business succumbing to known and unknown business threats.
  • Review your business costs to develop more business resilience.
  • Develop contingency plan to continue regardless of risk events.

Standing still May threaten your business survival. You therefore need to identify cost effective ways to grow your business faster.

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Poor Risk Management Case Study

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There are often good reasons for poor risk management. That does make poor risk management acceptable. Causes of poor risk management are varied. They include poor risk management culture, an inadequate enterprise risk management framework with accepted risk owners and risk supervisors as well as lack of effective enterprise-wide risk assessment process.

We believe there are business experts out there who want to improve the quality of enterprise risk management. Our introductory risk management toolbox talks are designed to open up your mind to more innovative ways to doing more business with less uncertainty. If you like our approach, you will have the opportunity to become a member of BusinessRiskTV for 12 months to protect your business better and grow your business faster.

Misconception Of Actual Real Risks Can Destroy A Good Business
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Failure To Manage Enterprise Risks Vs Failure Of Risk Managers Risk Management Toolbox Talk

Northern Powerhouse Risk Management Online Seminars

In this context we do not just mean people with Risk Manager in their job title. We mean people who should take ownership of specific key enterprise risks as well as the people charged with monitoring or supervising risks including making sure risk management is embedded within the day to day activities of the business or enterprise.

Do you know if your business is making good or bad enterprise risk management decisions? Pandemic risk management is a good example of good and bad risk management – under pressure we make good and bad decisions. Every day pre-pandemic managers of business risk are under pressure. Post-pandemic managers of risk will remain under pressure.

This enterprise risk management toolbox talk focuses on understanding business risks better and how to make better business decisions to build business resilience and boost business performance. Because your time is so valuable we will complete our introduction to better enterprise risk management in no more than 30 minutes.

Title: Failure To Manage Enterprise Risks Vs Failure Of Risk Managers
Date: Wednesday, 6th January, 2021
Time: 5:00-5:30 p.m. GMT
Speaker: Keith Lewis, BusinessRiskTV

In this enterprise risk management toolbox talk we will cover:

  • Taking personal ownership of enterprise risks.
  • Understanding the true level of risk facing your business.
  • Identifying risk management action to protect your business better and grow it faster.

Save the date for introduction to how to improve your management of business risks to boost your business resilience and performance.

Northern Powerhouse Risk Management Online Seminars

Participants at introductory online risk management toolbox talk can also put themselves forward as business risk experts at future more advanced online workshop events to share your expert business knowledge and promote their business interests. Are you a risk management expert in your country, industry or specific risk topic? Get in touch with us if this is you.

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Poor Risk Management Case Study

Risk events analysis is useful but not always productive

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You cannot change what happened but you can learn from it. However dwelling on past mistakes is not productive.

  • Mitigate negative impact of risk event and secure any benefits from risk event. Good can often come out of bad.
  • Learn lessons from risk events and move on quickly
  • Do not dwell on risk event impact as constantly punishing people from mistakes of past can be very demoralising and negatively impact on future business performance.

After the risk event make sure your risk management plan for future seeks to ensure it does not happen again but do not over do the risk controls. Reflecting on the lessons from the risk event facts is important but do not let emotions and pain of risk event change the risk perception of future likelihood of recurrence especially after some additional risk controls adopted maintained and reviewed.

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Failure Of Governance

Poor corporate governance endangers the existence and success of businesses

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Looking at the costs of failure of governance. Good governance can be expensive but not compare to the cost of governance failure.

 

The risk of enterprise failure increases with inadequate governance risk and compliance processes

There are many examples of the biggest firms in the world collapsing due to bad risk management practices. Good corporate governance risk and compliance systems build business resilience and can improve business performance.

Corporate Governance Failure
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Managing Business Rules

There are several techniques that can be useful for managing business rules in an organisation. Here are some recommendations:

Documenting business rules: One of the most important techniques for managing business rules is to document them in a clear and concise manner. This can include using a variety of formats such as decision tables, flowcharts, and natural language descriptions.

Centralising business rules: To avoid inconsistencies and duplication of effort, it is advisable to centralise the management of business rules. This can be done using a dedicated software tool or a repository that stores the rules and makes them accessible to relevant stakeholders.

Version control: It is crucial to keep track of changes to business rules over time, especially when multiple stakeholders are involved. Version control techniques such as branching and merging can help in managing changes to business rules.

Testing and validation: Business rules should be tested and validated thoroughly to ensure their accuracy and effectiveness. This can be done using a variety of techniques such as unit testing, integration testing, and user acceptance testing.

Auditing and monitoring: Regular auditing and monitoring of business rules can help to identify any potential issues or areas for improvement. This can be done using automated tools or through manual reviews.

Governance and ownership: Establishing clear governance and ownership of business rules is essential to ensure that they are being managed effectively. This can include assigning ownership to specific individuals or teams and establishing processes for reviewing and approving changes to business rules.

By following these techniques, organisations can effectively manage their business rules and ensure that they are aligned with their business objectives and regulatory requirements.

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