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    Planning: Where do risk management plans fall short?

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    In your experience, where do risk management plans fall short? Define "risk", what constitutes a "risk event" and the details of a contingency plan for identified risk.

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    Solution Preview

    In general, business risk includes any future unforeseen negative event which might impact business plans for success. Types of risk can be categorized as strategic, compliance, financial and operational. http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1074405311&type=RESOURCES

    Using the risk categories listed above, an example of each type of risk could include:
    Strategic: Change in competitors or market assessment of products (out of favor, for example)
    Compliance: A change in regulatory or tax legislation
    Financial: Business recession, bank lending policies, interest rates
    Operational: Technology upgrades, machinery breakdown, equipment replacement

    A risk event is an unplanned change that was not foreseen or expected by ...

    Solution Summary

    In a 435 word solution, the response explores the subject fully with examples and references.

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