TYPE OF RISK

RISK

MITIGATING STRATEGY

COMPETITION

Competition risks the likelihood of not reaching our goals (declining sales revenue and margin) due to competitive forces in the marketplace. Competition may be from direct or indirect competitors from emerging and principal players, and other companies.

·        Tapping into the needs of the target market, knowing their pain point by developing a unique selling proposition for differentiation

·        Improved customer service

·        Employ effective marketing strategies

·        Conduct regular competitor analysis

·        Base decisions on robust research and figures

·        Adopt diversification of strategy in a volatile market situation

·        Employ advanced technology

Program/PROJECT

This is the likelihood of not meeting the expectation of customers owing to inadequate resources, lack of information, resource lack of motivation, budget overrun, etc.

·        Improved communication

·        Increase focus on compliance with stakeholders

·        Modularisation of services

FINANCIAL

Insufficient funding to operate at an expected level and maintain a robust business operation. Loss of profit, poor cash flow, low sales

·        Maintain a higher degree of flexibility.

·        Adopt diversification strategies.

·        Practice proper and strategic cash flow management.

·        Create a budget that factors in overhead costs and reduces expenses.

·        Adopt an ideal pricing strategy.