Risk Management-Operational Risk
Operational risk pertains to the potential threats and hazards that arise in the course of doing business. It relates to the day-to-day activities and set up processes that make the business able to deliver its product or service. Different industries have different operational risk.
For example, in the manufacturing industry, two maintenances of machines are required, and the business can only afford one. Making the best decision is critical for the business’s ability to sustain its operations.
In another industry, the highest risk could be considered legal, such as violating copyright or trademark laws by accident. Furthermore, having lapses in accounting and taxes is regarded as an operational risk.
Operational Risk Management Solutions
Businesses should be open to consulting third party experts to mitigate some operational risk. Financial advisors, company secretary, lawyers are just some experts that would bring help in dealing with treats. For example, legal consultations are cheaper than an actual lawsuit.
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