How do you use data and analytics to identify risk?

Here are a few key points to consider when defining risk objectives: Goals and Priorities. E.g, it could be increasing revenue, expanding into new markets, or improving operational efficiency. Potential Threats and Opportunities. These could include economic factors, industry trends, technological advancements, regulatory changes, or competitive pressures. Risk Evaluation and Measurement. This involves defining appropriate metrics and indicators. For instance, you might use financial ratios, mraket research data, customer feedback, or operational performance indicators to quantify risk levels. Risk Tolerance and Appetite: Clarifying your risk tolerance helps in setting boundaries for risk management strategies.

It's important to find the right tools to help collect data. We often think of data collection as something you have to actively do but there are many ways in which you can collect data directly from operations. Think about the tools you are using carefully. If you're using group chats for work updates or to coordinate with your field team, you are losing out on the opportunity to collect important operational data that could improve project outcomes drastically. The right tool could not only make it possible to collect and analyze this data but may also improve operational efficiency. Try to find tools that don't add work but instead help structure and process the work you are already doing in a better way.

This article discusses normal business modeling and associated business risk. One should also consider a Cyber Security category as more and more small businesses are going digital. In today's world SMB's face an immense amount of attacks as they typically either don't consider cyber security or don't have either the knowledge where to start or funds to prioritize it. Recently a friends SMB manufacturing business was hit with what's called a business email compromise (BEC) attack. The attacker managed to gain access to all their supplier/customer accounts and sent emails changing the banking information. This nearly cost them their business altogether. Cyber security risk should hold an equal priority when managing business risk.

This is all SO old. It's written for a stable world that is long gone. Throw out risk and pay attention to the changing reality of now. Pay attention to what is needed in the moment and respond correctly (known by keeping your balance) and then do the same the next minute. That stable, plan for, avoid risk is long gone. You and the bot are pretending that planet change is not happening and trying to deal with the future as you did with the past. So. so old.

What is a small business? Less than 500 employees? 100? 50? 10? This definition would help a lot for this article. The resources available to a 10-employee business is quite different from those of a 490-employee business.