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A business can effectively communicate its risk management strategies to its stakeholders by being transparent and open about its risk assessment findings. This includes sharing the results of the business impact analysis (BIA), which identifies potential threats to the business, supply chain gaps, levels of resilience, and the core team that should be kept in place in the event of a potential catastrophe. Regular updates and open lines of communication can also help keep stakeholders informed and involved in the risk management process.
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Ensure that your business continues to thrive under unfavorable conditions with our Business Continuity deck. This presentation includes practical fra...
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According to Elsey, during the risk-assessment phase, it's essential to pinpoint and understand all the exposure risks for your venture. "By doing a business impact analysis (BIA), you can gain clarity about every potential threat to your business. The BIA will provide you with critical information, such as who your stakeholders are, your supply chain gaps, and your levels of resilience. It will also inform you about the core team that you should keep in place in the face of potential catastrophe," he writes.
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