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Strategic Risks

1. Corporate Governance Risk


The risk that insiders (employees) won't act in the best interests of owners
(stockholders) and the community.

2. Competitive Risk
The general risk that you'll lose out to the competition.

3. Innovation Risk
The risk that the competition will out innovate you.

4. Intellectual Property Risk


Risk related to intellectual property (e.g. the risk that intellectual property
leaks to competitors).

5. Merger & Acquisition Risk


The risks related to integrating firms.

6. Business Risk
The risk that your overall business strategy and plan will be ineffective (e.g.
will fail to meet revenue targets).

7. Economic Risk
The risk that the economy will go into recession. In some cases, recessions
benefit a business (inferior goods).

8. Technological Change
The risk that technology investments will become obsolete.

9. Change Management Risk


The risks associated with managing change.

10. Project Risk


The risk that projects will fail.

11. Ethics Risk


The risk that your guiding principles and ethics will be breached.

12. Reputational Risk


The risk of damage to your corporate image. Reputational risk can reduce
trust in your business and lead to destruction of value.

13. Sustainability Risk


The risk that you'll fail to meet sustainability objectives and targets.

Financial Risks
14. Profit Risk
The general risk that profits will fall.

15. Capital Availability


The risk that you won't be able to fund your business.

16. Asset Risk


Risks related to asset prices (e.g. real estate).

17. Interest Rate Risk


The risk that interest rates will change.

18. Currency Risk


The risk of a change in exchange rates against your favor. For example, if
your costs are in US dollars but your revenue is mostly in Japanese yen —
you want a strong yen.

19. Inflation Risk


The risk of price increases in critical inputs (e.g. energy for the transportation
industry).

20. Investment Risk


The risk of a change in value of investments (e. g. Equity & Commodity
Market Risk).

21. Liquidity Risk


The risk that you won't be able to sell an asset efficiently (e.g. quickly at a
fair price).

22. Systemic Risk


The risk that the entire global financial system or the financial system of a
country will collapse.

23. Concentration Risk


The risk of over-lending to a small number of debtors or investing in a
narrow selection of assets.

24. Credit Risk


The risk that a borrower will default on a debt.

25. Fraud Risk


The risk of fraud losses.

26. Accounting Risk


The risk of accounting errors.

27. Fiduciary Breach Risk


The risk that your firm will breach its fiduciary duties (e.g. insider trading).

28. Counter Party Risk


Counter party risk is the risk that other firms will break their contractual
obligations to you (e.g. an insurance company that goes bankrupt and can't
pay you).
29. Tax Risk
The risk that your taxes will increase or an audit will reassess taxes of
previous years.

Marketing & Sales Risks


30. Revenue Shortfall Risk
The general risk that revenue will fall short.

31. Demand Risk


Lower than expected demand for your products.

32. Market Competition Risk


The risk that competitive forces will reduce revenue (e.g. a price war).

33. Sales Forecast Risk


The risk that sales forecasts will be inaccurate.

34. New Product Development Risk


The risk that new products will fail on the market.

35. Customer Relationship Risk


The risk of damaged relationships will customers.

36. Brand Value Risk


The risk of a decline in brand value.

37. Publicity Risk


The risk of bad publicity.

38. Large Account Risk


The risk of losing a large customer.

39. Location Risk


The risk of choosing a bad location (e.g. a retail location).

Operational Risks
40. Infrastructure Risk
Risks related to infrastructure (e.g. electricity outage).

41. Maintenance Risk


Risk of maintenance failure (e.g. human error in aircraft maintenance).

42. Product Failure Risk


The risk that your product or services will fail.

43. Product Liability Risk


The risk that you will incur legal liability related to your products and
services.

44. Operational Quality Risk


The general risk of operational failures (e.g. your website goes down).

45. Production Shortfall Risk


You fail to meet production targets.
46. Logistics Risk
The risk of logistics failure. For example, you fail to deliver goods to your
retail locations on time for customers.

47. Procurement Risk


Risks related to procuring goods and services.

Information Technology
48. Architectural Risk
The risk that your architecture will fail to meet business objectives.

49. Data Quality Risk


The risk of poor quality data.

50. Technology Quality Risk


The risk of software and hardware quality problems (e.g. failures, usability
issues).

51. Platform Risk


The risk of choosing a technology platform that's not fit for purpose.

52. Information Security Risk


The risk of information security incidents.

HR Risks
53. Workplace Safety Risk
The risk that accidents or poor environment impacts the health of employees.

54. Employer Reputation Risk


The risk that you'll get a bad reputation as an employer and find it difficult to
recruit top talent.

55. Employer Liability Risk


The risk that you'll be sued for employment related practices or incidents.
56. Employment Law Compliance Risk
The risk of non-compliance with employment related laws and regulations.

57. Talent Management Risk


The risk of losing top talent.

58. Compensation and Benefits Risk


The risk that compensation will be misappropriated (e.g. a manager overpays
her sister-in-law).

59. Hiring Risk


The risk that you will hire the wrong candidate or violate recruiting ethics or
law.

60. Employee Information Privacy Risk


The risk that you will leak personal information about your employees.

Compliance & Legal Risks


61. Compliance Risk
The risk that you will fail to comply with laws and regulations.

62. Mandatory Reporting Risk


The risk that you will fail to meet regulatory filling requirements.

63. Liability Risk


The risk of lawsuits.

Catastrophic Risk
64. Force Majeure
Acts of nature, war and terrorism.

65. Political Risk


Risk associated with political change.
39 EXAMPLES OF SMALL BUSINESS RISKS

http://www.thomasmbragg.com/2010/01/15/39-examples-of-small-business-risks/

It’s been difficult to come up with topics this week. The situation in Haiti seems to
consume the majority of my thoughts when I’m outside the office. Make a
difference. Please donate cash to the relief agency of your choice.

I thought I’d take a look at my Google Analytics page and see what people are
searching for when they find my website. There is a definite trend. Many of the
searches involve the word “example” or are geared toward identifyin g potential
risks for businesses. Let’s talk about that…

Businesses face many types of risks. Some of those risks can be managed with
insurance. I’m not going to address those here, but I’ll point you to a great site
with tons of free information. Check out www.ClearRisk.com for a comprehensive
list of business risks that can be managed by insurance. I would also strongly
recommend that you download and read their free e-book. It’s an easy read and
provides a great education on insurance for small and medium
businesses. (Disclaimer: My recommendation is not sponsored and I’m not being
paid in any way. In fact, Craig Rowe and the ClearRisk team don’t even know I’m
doing it.)

So let’s talk about the risks you can’t buy insurance for. Obviously every business
is going to have risks that are unique to that business, but they will always fall
into three broad categories – budget risk, quality risk and schedule risk. Starting
with those categories, you can drill down by using the “5 Coulds Technique”

As you do the brainstorming, you’ll find that you come up with a wide range of
risks. Here are just a few that come to mind as I’m writing. I’m in a manufacturing
and retail mindset this morning so the risks are geared to those kinds of
businesses, but many of them apply to service businesses, too. Some risks are
repeated in multiple categories purposely.
Employee Related Risks

 Theft
 Departure of a key employee
 Lack of training
 High turnover
 Sabotage/intentional misbehavior
 Employee disputes
 Poor customer service

Revenue Related Risks

 Competitor enters market


 Market size shrinks (local population shrinks, demographics change)
 Economic pressure (reduces money available to be spent on your product)
 Substitute product becomes available
 Customer access disrupted (e.g. road construction in front of your business)
 Pricing doesn’t match value perceived by customers

Expense Related Risks

 Material costs increase


 High rework expense
 High warranty expense
 Loss of key supplier
 Increased wage expense (tight labor market)
 Increased benefit costs
 Loss of lease/increased rent
 Increased utility rates
 Increased bank charges (interest rates, credit card fees)

Quality Related Risks

 Poor production process


 High rework expense
 High warranty expense
 Poor customer service
 Low quality materials
 Poor employee morale
 Inadequate equipment/tools
 Poor/unattractive packaging
 Equipment/tool breakdown.

Schedule Related Risks

 Customers are slow paying


 Unfavorable terms from suppliers (e.g. cash in advance)
 Late delivery of materials
 Lost/misdirected shipments of your product
 Slow response of bank, government agency (e.g. loan proceeds, permits, etc.)
 Delayed construction/remodel
 Slow response to marketing campaign
 Equipment/tool breakdown (e.g. internet down, computer virus)

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