2 major operational risks Businesses need to overcome

[Augusta]

There are diverse risks that businesses are confronted with. As a business owner it is always good to know about them and employs ways to tackle them as they arises


Operational risks are the risks that involved in the operation of the business. This risk are of two major types that should be known and tackled.

They are the internal and external operational risks
Internal operational risks as the name implies are the risk that happens due to human errors. Internnal business risk can be about an accountant entering the wrong payment amount. This will bring a discrepancy to the books of account of the company. it can also be about the business developer inputting the wrong code.

External operational risks are risks that are natural that aftects the operation of a business Examples of operational risks include a natural disaster like pandemic that forces people to stay away from work, damages to the physical premises or equipment,or maybe a server outage that causes technical problems like lack of power.

Any business owner needs to adopt proactive measures to help resolve operational risks.

 

[rubesh]

That's very true. As a business owner, it is important to be aware of the different types of operational risks and to have measures in place to help manage them. This could include having Business Continuity Plans in place that cover both internal and external risks, as well as having a well-defined risk management process that is regularly monitored and reviewed. It is also important to ensure that the right people are in place to manage these risks, and that they have the skills and knowledge required to do so.