You're faced with unexpected market shifts. How do you prioritize risks when developing contingency plans?
When market conditions shift unexpectedly, it's essential to have a robust risk management process in place. This process helps you identify potential threats to your business and prioritize them so you can develop effective contingency plans. To navigate these changes, you must understand the nature of the risks, assess their potential impact, and prioritize them based on their likelihood and severity. By doing so, you can allocate resources efficiently, ensuring that the most critical risks are addressed first. This approach is crucial for maintaining the resilience and stability of your operations in the face of uncertainty.