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Risk Management Checklist
Operational Risks
Assess inventory management systems for efficiency and accuracy.
Evaluate the reliability of suppliers and establish backup suppliers.
Implement regular maintenance checks for IT infrastructure.
Ensure adequate staffing levels and cross-training for key roles.
Develop a business continuity plan for potential operational disruptions.
Financial Risks
Monitor cash flow regularly and maintain financial reserves.
Conduct regular audits to detect and prevent fraud.
Evaluate the impact of currency fluctuations on international transactions.
Assess the creditworthiness of customers and implement credit control measures.
Ensure compliance with tax regulations and financial reporting standards.
Cybersecurity Risks
Implement strong password policies and multi-factor authentication.
Regularly update and patch software to protect against vulnerabilities.
Conduct frequent security audits and penetration testing.
Train employees on recognizing phishing and other cyber threats.
Establish a data breach response plan and conduct regular drills.
Legal and Regulatory Risks
Ensure compliance with data protection and privacy laws.
Regularly review and update terms of service and privacy policies.
Monitor changes in e-commerce regulations and adjust practices accordingly.
Maintain proper licensing for all business operations.
Consult with legal experts to stay informed about potential legal challenges.
Reputational Risks
Monitor customer feedback and address complaints promptly.
Establish a social media policy and manage online presence actively.
Ensure transparency and honesty in all business communications.
Engage in corporate social responsibility initiatives.
Regularly review and improve product and service quality.
