4 Main Types of Business Risks for Projects
Business risks are risks that are inherent in the business itself. This may happen when a company assumes that it will spend money and also make money from an investment.
The main type of business risks are:
#1 COMPETITIVE
This can include the risk of increased competition in the marketplace and a rival company developing superior products and services.
#2 LEGISLATIVE
These are risks that have to do with government legislation such as the risk of new laws or changes in regulations governing your product, goods, or services that require your company to spend more to maintain compliance.
#3 MONETARY RISKS
These are risks that have to do with fiscal regulations. They include risks such as the risk of an increased price for raw materials, increased taxes, increased operating costs, and losses due to non-payment by customers.
#4 OPERATIONAL
These are risks that have to do with the day to day operations of the business such as the risk of frauds, employee injury, workplace accidents, and damage to equipment.
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