List and explain six reasons companies might employ risk management techniques
Expert Answer
The six reasons why companies employ risk management techniques.
1. To avoid obsolescence – Companies need to innovate continuously with their products and services to keep up with the ever changing preferences of customers. This is more significant in technology driven industries of today, where techniques change rapidly. Risk of being obsolete and subsequent loss of business force them to be risk averse at all times.
2. For regulatory compliace – Businesses need to comply with the rules and regulations of local government. Risk of being on the
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