An often neglected but very important area that impacts the growth of emerging businesses is risk management. Risk management remains a non-priority until disaster strikes or a big opportunity is missed. Sustainability of a business depends heavily on how well possible risks are managed.
Entrepreneurs who have realized the importance of enterprise-wide risk management have set up a strong corporate governance (CG) structure and used technology heavily to mitigate risks. As a result, they have been able to increase their readiness to manage risks and improved their credibility in the eyes of investors/lenders. 50% of companies that have set up a strong corporate governance structure have managed to attract external investors vis-à-vis ~10% of the companies that have not.
Technology can help mitigate risks
All the companies that are confident of their readiness to mitigate risks have heavily invested in technology to manage risks and focus more on teamwork according to a recent EY report.
In this video we look at:
1. How to set up a strong corporate governance framework.
2. How to identify risks to your business.
3. How technology can mitigate risk
What business risk are you going to address?
Like, Share & Comment below
#Risk #Manangement #Technology #BusinessGrowth
Here are the links to all the 7 Business Growth Drivers:
Business Growth Driver #6: Risk Management