The article explores practical insights on business risks, categorizing them into preventable risks stemming from internal factors, strategy risks voluntarily accepted for strategic goals, and external risks beyond the company's control. While preventable risks like the Wells Fargo scandal highlight the need for strong internal controls, strategy risks such as Netflix's investment in original content showcase calculated risk-taking for strategic gains. External risks, exemplified by the COVID-19 impact, require identification and mitigation strategies
The text emphasizes the importance of forward-looking risk assessments through techniques like PESTLE and SWOT analysis, stressing the role of boards and senior management. Ultimately, effective risk management is vital for business resilience and longevity. https://cloudsecurityalliance.org/articles/business-risks-explored-practical-insights-for-resilience