Evaluate trends, issues, and regulations that are impacting your company|Essay guru
Posted: February 1st, 2023
Evaluate trends, issues, and regulations that are impacting your company. Select three that you consider to pose a serious risk to the future operation of your business, explain your selections with recommendations for the best strategic actions that the (your) company should consider to eliminate or reduce the damage created by these risk factors.
- Cybersecurity risk: Cyber attacks and data breaches can cause significant damage to a company’s reputation and bottom line. Recommendations for best strategic actions include: a) regular risk assessments, b) implementing strong passwords and multi-factor authentication, c) providing cybersecurity training to employees, d) using encryption to secure sensitive data and e) having a disaster recovery plan in place.
- Regulatory risk: Changes in laws and regulations can have a significant impact on a company’s operations. Recommendations for best strategic actions include: a) staying informed of changes in relevant regulations, b) having a designated person or team to monitor regulations, c) conducting a legal review of operations to ensure compliance, d) having contingency plans in place in case of changes in regulations and e) working with industry groups to advocate for regulations that are favorable to the company.
- Competition risk: Intense competition can lead to declining sales and market share. Recommendations for best strategic actions include: a) conducting market research to understand competitors, b) focusing on customer needs and offering unique value, c) regularly reviewing and adjusting business strategy, d) investing in research and development to stay ahead of competitors and e) forming strategic partnerships to complement business offerings.