5 Risk Management Flashcards
1
Q
what is risk management?
A
a process to identify the risk of business actions and decisions in order to minimize, control or eliminate the impact of risks
2
Q
what are the 2 areas in which must be considered in risk management ?
A
the probability of implications and the actual consequences
3
Q
what are some implications in global expansion?
A
disruptions to supplies, loss of customer confidence, damage to market reputation, business failure
4
Q
what is a contingency planning?
A
a prepared course of action designed to help a business respond to future events that may or may not happen
