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Our Live Stream Shopping Platform will boost your profit. Increase your reach to new customers to expand your online sales. Adopt good eCommerce solutions to improve your cash flow and strengthen your business resilience. Tap into rising demand for an online shopping experience with live video shopping. Our live video selling opportunities will increase your online sales conversions. Our LiveStream shopping experience incorporates live video content, interactive communication with potential new buyers and the ability for new customers to seamlessly buy or save featured products or services directly from you online.
Livestream Shopping enables your new audience explore your offering. Potential new customers will interact through their comments, likes and eCommerce opportunities to sell more online.
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Make Products Shoppable With Livestream
To make your products or services more shoppable through live streaming in the UK, you can follow these tips:
Showcase the products: Make sure to highlight the key features and benefits of your products during the live stream. Demonstrate how the products can be used and what makes them unique.
Interact with your audience: Encourage your audience to ask questions and engage with them in real-time. This not only helps build trust but also provides valuable insights into what your audience is looking for.
Offer special promotions: Consider offering exclusive deals or discounts to viewers who make a purchase during the live stream. This can create a sense of urgency and drive sales.
Make the process seamless: Ensure that your e-commerce platform is integrated with your live stream so that viewers can easily make a purchase. Make the checkout process smooth and secure to minimise any friction.
Partner with influencers: Consider partnering with influencers or social media personalities who have a large following in the UK. This can help you reach a wider audience and increase brand awareness.
Utilise social media: Promote your live stream on your social media channels and engage with your followers. This can help drive traffic to your live stream and increase the chances of making a sale.
Provide excellent customer service: Make sure to provide excellent customer service during and after the live stream. Respond promptly to any questions or concerns and follow up with customers to ensure they are satisfied with their purchase.
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10 Fundamentals Of Corporate Risk Management Guide
In today’s dynamic business landscape, organisations face numerous challenges and uncertainties that can impact their success. To navigate these complex waters, companies need to develop robust risk management strategies. Effective risk management enables businesses to identify, assess, and mitigate potential risks, protecting their assets, reputation, and bottom line. In this comprehensive guide, BusinessRiskTV provides invaluable insights into corporate risk management, highlighting key principles, methodologies, and best practices to help organisations stay resilient and thrive in the face of uncertainty.
Understanding Risk Management To effectively manage risks, it is essential to have a clear understanding of what risk management entails. Risk management is a proactive process that involves identifying, assessing, prioritising, and mitigating potential threats and opportunities that can impact an organisation’s objectives. By embracing risk management, businesses can make informed decisions, optimise opportunities, and protect themselves from potential harm.
The Importance of Risk Culture Risk management is not solely the responsibility of a dedicated department but should be embedded within an organisation’s culture. Establishing a risk-aware culture ensures that risk management becomes an integral part of everyday operations. By fostering a culture that encourages open communication, accountability, and continuous learning, companies can create an environment where risks are identified, discussed, and managed effectively at all levels.
The Risk Management Process A structured risk management process is crucial for systematic and effective risk mitigation. This section outlines the key steps involved in the risk management process:
a. Risk Identification: Identify potential risks that could impact the organisation’s objectives. This involves analysing internal and external factors, conducting risk assessments, and seeking input from various stakeholders.
b. Risk Assessment: Evaluate the likelihood and potential impact of identified risks. This step involves quantifying risks, considering their interdependencies, and prioritising them based on their significance.
c. Risk Mitigation: Develop strategies and action plans to manage and mitigate identified risks. This may involve implementing preventive measures, transferring risks through insurance, or creating contingency plans to minimise the potential impact.
d. Risk Monitoring and Review: Continuously monitor and review the effectiveness of risk management strategies. Regular evaluations help identify emerging risks, reassess existing risks, and ensure the implemented measures remain relevant.
Types of Risks in Corporate Environments Businesses face a wide range of risks across different aspects of their operations. Understanding these risks is essential for effective risk management. Here are some key types of risks commonly encountered in corporate environments:
a. Strategic Risks: Risks associated with the organisation’s strategic decisions, such as market volatility, changing consumer preferences, or technological disruptions.
b. Operational Risks: Risks arising from internal processes, systems, or human errors, including supply chain disruptions, equipment failures, or cybersecurity breaches.
c. Financial Risks: Risks related to financial management, including market fluctuations, liquidity issues, credit risks, or non-compliance with regulatory requirements.
d. Compliance Risks: Risks associated with non-compliance with laws, regulations, or industry standards, potentially leading to legal consequences, reputational damage, or financial penalties.
e. Reputational Risks: Risks that can harm an organization’s reputation, such as negative publicity, customer dissatisfaction, or unethical behaviour.
f. Environmental and Social Risks: Risks associated with environmental sustainability, social responsibility, and stakeholder expectations. These risks can include climate change impacts, community relations, or labour issues.
Risk Assessment Techniques To effectively manage risks, organisations employ various techniques to assess and prioritise potential threats. Some commonly used risk assessment techniques include:
a. Qualitative Risk Assessment: Involves evaluating risks based on subjective criteria, such as likelihood and impact, using qualitative scales or matrices. This method provides a qualitative understanding of risks but does not involve precise numerical calculations.
b. Quantitative Risk Assessment: Utilises quantitative data and statistical analysis to assess risks. This involves assigning numerical values to likelihood and impact, calculating risk scores, and prioritising risks based on their quantitative measures. Techniques such as Monte Carlo simulations and sensitivity analysis can be employed for more accurate assessments.
c. Scenario Analysis: Involves developing hypothetical scenarios to evaluate risks and their potential impacts. By exploring different scenarios, organisations can assess the likelihood and consequences of specific events or situations and develop appropriate risk response strategies.
d. SWOT Analysis: A strategic planning tool that assesses an organisation’s strengths, weaknesses, opportunities, and threats. This analysis helps identify risks arising from internal factors (strengths and weaknesses) and external factors (opportunities and threats), allowing companies to develop targeted risk mitigation strategies.
e. Delphi Technique: A structured method that involves obtaining input from multiple experts or stakeholders anonymously. The experts provide their opinions on potential risks, and the responses are collated and analysed to identify areas of consensus and disagreement. This technique helps capture diverse perspectives and improve risk assessments.
Risk Mitigation Strategies Once risks are identified and assessed, organisations need to develop appropriate risk mitigation strategies. Here are some common strategies employed in corporate risk management:
a. Risk Avoidance: Involves eliminating activities or situations that pose significant risks. This strategy may include discontinuing certain products or services, exiting high-risk markets, or terminating partnerships with unreliable entities.
b. Risk Reduction: Focuses on minimizing the likelihood or impact of risks. This can be achieved through implementing control measures, improving operational processes, enhancing security systems, or implementing redundancy plans.
c. Risk Transfer: Involves transferring the financial burden of risks to external parties. This can be done through insurance policies, contracts, or outsourcing certain activities to specialised service providers who assume responsibility for specific risks.
d. Risk Acceptance: Sometimes, organizations may choose to accept certain risks if the cost of mitigation outweighs the potential impact. However, even in such cases, organisations need to closely monitor and manage accepted risks to minimise adverse outcomes.
e. Risk Diversification: Spreading risks across different markets, products, or business lines can help reduce the concentration of risks. Diversification provides a buffer against the impact of specific risks and ensures that the organisation is not overly exposed to a single threat.
f. Crisis Management Planning: Developing robust crisis management plans enables organizations to respond effectively to unforeseen events. This involves outlining clear roles and responsibilities, establishing communication protocols, and conducting regular drills to test the plan’s efficacy.
The Role of Technology in Risk Management Technology plays a vital role in modern risk management practices. Innovative tools and technologies enable organisations to enhance their risk management processes in several ways:
a. Data Analytics: Advanced data analytics techniques allow organisations to extract meaningful insights from vast amounts of data. By analyzing historical and real-time data, organizations can identify patterns, detect emerging risks, and make informed decisions.
b. Risk Monitoring and Early Warning Systems: Real-time monitoring systems powered by artificial intelligence and machine learning can identify potential risks and alert organizations to take timely action. These systems provide early warnings, enabling proactive risk management.
c. Cybersecurity Measures: With the increasing prevalence of cyber threats, robust cybersecurity measures are critical for protecting sensitive data and systems. Implementing firewalls, encryption techniques, and intrusion detection systems helps mitigate cybersecurity risks.
d. Automation and Robotics: Automation technologies streamline risk management processes, reducing human errors and improving efficiency. Robotic process automation (RPA) can handle repetitive tasks, data entry, and report generation, freeing up valuable human resources for more strategic risk management activities.
e. Cloud Computing: Cloud-based solutions provide organisations with secure storage, easy access to data, and enhanced collaboration capabilities. Cloud computing enables real-time data sharing, facilitates remote work, and improves business continuity in the event of a crisis.
f. Predictive Analytics: Predictive modeling techniques leverage historical data and algorithms to forecast future risks and trends. By analysing past patterns and behaviours, organisations can proactively identify potential risks and take preventive measures.
Integrated Risk Management Integrated risk management (IRM) is an approach that combines all aspects of risk management into a unified framework. IRM breaks down silos and fosters collaboration among different risk management functions within an organization. By integrating various risk disciplines, such as operational risk, financial risk, and compliance risk, organisations can gain a comprehensive view of risks and their interdependencies.
IRM promotes a holistic understanding of risks, enabling organisations to make well-informed decisions that consider the broader impact on multiple areas of the business. It encourages a shared language and consistent methodologies for risk assessment, allowing for more effective communication and coordination.
Furthermore, IRM encourages the alignment of risk management with strategic objectives. By integrating risk considerations into strategic planning processes, organisations can identify and address risks that could hinder the achievement of their goals. This proactive approach ensures that risk management becomes an integral part of decision-making at all levels of the organisation.
Continuous Improvement and Adaptation Risk management is not a one-time exercise but an ongoing process. As the business landscape evolves, new risks emerge, and existing risks change in nature. Therefore, organisations must continuously review and adapt their risk management strategies to remain effective.
Regular risk assessments and monitoring mechanisms help identify emerging risks and allow for timely adjustments to risk mitigation strategies. Additionally, organisations should foster a culture of learning and improvement, encouraging employees to report near-misses, share lessons learned, and propose enhancements to existing risk management practices.
In today’s volatile business environment, effective corporate risk management is essential for organisations to survive and thrive. By understanding the principles, methodologies, and best practices outlined in this BusinessRiskTV Guide, businesses can develop robust risk management strategies that protect their assets, reputation, and bottom line.
Remember, risk management is a proactive and integrated process that requires a risk-aware culture, structured methodologies, and the effective use of technology. By identifying and assessing risks, developing appropriate mitigation strategies, and continuously monitoring and adapting, organizations can navigate uncertainties with confidence and seize opportunities for growth.
Stay informed, stay vigilant, and make risk management a priority to ensure the long-term success of your organisation in an ever-changing business landscape.
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Whether you accept avoid transfer mitigate risks or exploit risk opportunities is not straight forward. Find new ways to improve the culture of risk management to boost business performance. Increase your business success.
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Sometimes we have to accept the risks our businesses face to achieve our goals. Taking no action to control the risks does not mean you have not managed the risk. It means you have identified and assessed it and proactively choose to accept it as the risk is within your risk tolerance and appetite for risk.
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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.
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The pace of business change is increasing. How many people will drive for a living in the next decade? How many people will work in warehouses in next 10 years? What new risks are emerging for businesses when the dramatic changes of 4th Industrial Revolution expected soon are commonly in place?
Cyber crime or error is just one of the threats. How should a business like Amazon react if they are threatened by a cyber criminals who say they have the capability to shut down its warehouse and distribution drones! They presumably have not but even if it was never possible how would Amazons share price react? What will this mean for Amazon’s ability to borrow to invest in its future?
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