Business Risk Management Name Course number Course title Instructor’s name Date Business Risk Management All businesses today face numerous kinds of risks. Small businesses in particular require a great deal of risk management approaches put in place in order to endure and develop (Costa 2011). Small businesses usually make the best use of capital and profits gained from the provision of high-quality commodities in order to grow. Disregarded risks to the business may beget major financial impediments which may lead to business closure. Further financial losses are expected to occur after the reputational damage has been experienced by any business (Kerwin 2015). Small businesses in particular execute marketing through various platforms such as social media in this day and age. When such an underdeveloped business suffers reputational damage it is quite unlikely to gain favor from clients who have discovered its bad standing online or in print. Wells Fargo Project Management. Retrieved 20 March 2018 from www.brighthubpm.com Kerwin P. (2015). Financial Losses Stemming From Reputation Damage? Theres an Insurance Policy For That. Bus.wisc.edu. Retrieved 20 March 2018 from bus.wisc.edu Stebbins S. Comen E. Sauter M. & Stockdale C. (2018). Bad reputation: Americas Top 20 most-hated companies. USA TODAY. Retrieved 20 March 2018 from www.usatoday.com Top 5 Cyber Risks for Businesses. (2017). Travelers.com. Retrieved 20 March 2018 from www.travelers.com Strauss S. (2017). Cyber threat is huge for small businesses. USA TODAY. Retrieved 20 March 2018 from www.usatoday.com Most Companies Suffer Reputation Damage After Security Incidents. (2018). Dark Reading. Retrieved 20 March 2018 from www.darkreading.com Nawbatt C. (2012). Four Reasons Your Small Business Needs Risk Management. HuffPost. Retrieved 20 March 2018 from www.huffingtonpost.com Bonner M. (2018). Insuring Other People’s Property Used in Your Business. The Balance. Retrieved 20 March 2018 from www.thebalance.com Dasilva T. (2017). The Importance of Third-Party Vendor Risk Management Programs – Community Banking Connections. Communitybankingconnections.org. Retrieved 20 March 2018 from https://www.communitybankingconnections.org/articles/2017/i1/third-party
Objective: Understand and implement an effective risk management strategy
Introduction: Risk Managers primary concerns are focused on risk managers addressing liability-related risks such as cyber, property damage and third party liabilities. Reputation damage can result from any or all of these risks.
Deliverables: Minimum 3-page paper
Step 1: Introduction and Research
Research the Internet, books, journals, etc. about risk management related to liability like cyber, property damage and third party liabilities. Continue your research to understand how all of these risks individually or collectively can lead to serious reputation damage for any business.
Write an introductory paragraph about the importance for small businesses to manage and mitigate potential business risks like cyber, property damage and third party liabilities. Include a statement about how these risks if left un-managed can ruin the reputation for a business.
Step 2: Identify and describe three examples of situations in which risk managers are concerned about. Consider how these risks could be avoided or mitigated. Your assignment should be approximately three pages long. Submit it to your instructor for grading.
Damage to the property of others
Third party vendor risks
Consider how each of the situational risk examples you have researched could have been avoided or mitigated. Describe an avoidance / mitigation prevention process that could be implemented manage these risks.
Step 3: For the conclusion paragraph summarize what you have learned about risk management for liability-related risks such as cyber, property damage and third party liabilities and explain how this is related to overall reputation of the business. Please review the link provided below, containing the essay rubric, prior to proceeding: