Risk can be defined as any event that disturbs the regular operations of an organization. Physical risks can be external, such as a break-in at a warehouse, or internal, such as employee theft. Risks can also involve disruptions caused by manufacturing defects, staffing issues, or disruptions to supply chains and scheduling. Other risks are less tangible, such as failure to adapt to changing markets or business trends.
Key to minimizing risk is to make strategic investments in people, technology, and processes:
- Identify and assess potential risks.
- Empower employees and partners with additional insight.
- Foster resiliency via the careful management of alternate and multi-layered solutions.
- Proactively address challenges and threats.