4 Main Types of Business Risks for Projects

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:

 

 





Businessman signing contract

 

#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 day to day operation of the business such as the risk of frauds, employee injury, workplace accident and damage to equipment. 

 

 

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YOU CAN ALSO READ  5 Scales for Risk Matrix Criteria for Projects

 

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3 Major Roles of PMO in Projects 1
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