Introduction

Today, businesses are oblivious to many risks facing them, but with some critical thought and foresight, they can become aware of these potential dangers. With the right tools and knowledge, you can shed light on the potential risks faced by your business, and manage them effectively. But, what are the major risks—internal risks to be specific, faced by your business? Following are the types of internal risks faced by most businesses today.

Strategic Risk

Strategic risk is the risk of your business strategy will fail, making it difficult for you to achieve your business objectives. This risk is a result of companies not having sufficient data to accurately predict things in the future. There are a few things companies can do to manage this risk including making decisions based on research and figures, establishing key risk indicators (KRIs) and setting clear goals and key performance indicators (KPIs). One way to ensure this is using a Data as A service (DaaS) solution. This solution will provide you with the data and foresight required to plan properly.

Technological Risk

Today, every business faces technological risk. In fact, it is one of the most common risks faced by the business world. Some of the technological risks faced by businesses include:

  • Software or hardware failure
  • Power outage
  • Malware
  • Cyber-attacks
  • Loss or corruption of data
  • Data breach
  • Obsolete technology (using technology that the industry has moved on from)

There are a few different ways to manage this risk including having backup power sources in place, installing anti-malware and virus software and creating a plan to deal with a data breach. Or, you could take the easier route and employ a managed IT service for managing this risk.

Compliance Risk

There’s always the risk that you will fail to comply with some laws and internal or externally imposed regulations that apply to your business. Some legislation and regulation govern every business and the possibility that the business will fail to adhere to them is the compliance risk. If it isn’t managed in a timely and effective manner, the compliance risk faced by your business may lead to fines, penalties and loss of reputation. To manage this risk, you need to plan in advance and stay on top of new legislations Additionally, you need to have appropriate processes and analytics in place to track your compliance. This is something a professional IT service can help you achieve.

Conclusion

In addition to the above, there are some other risks faced by businesses today such as user risk, performance risk and liability risk. To know more about these risks and how you can manage them, get in touch with us today! to find out more.