New Risk Management System Revolutionizes Business Preparedness and Resilience.
The article discusses measuring and managing different types of risks in various business operations. It categorizes risks into financial, operational, brand, legal, employment, intellectual property, environmental, and technical risks. The researchers outline a risk assessment system that includes probability estimation, risk planning, assessment, mitigation, and monitoring. They also suggest using excess resources, visibility systems, and supply chain planning to reduce the impact of risks. The key findings emphasize the importance of identifying and addressing risks to ensure smoother business operations and reduce potential disruptions.