The Importance For Small Businesses To Manage And Mitigate Potential Business Risks

Essay

Complete this essay to test your understanding of liability-related risks, and their potential impact on a business’ reputation.

Deliverables:

The essay for this lesson is required to be a minimum of 750 words that clearly demonstrate your understanding of the activity. Essays should have a clear introduction, thesis statement and conclusion, written in APA format (APAstyle.org). A minimum of three sources, at least two from the lesson, must be cited in-text and in the Reference list.

Activity Details:

Step 1: Introduction and Research
In addition the resources presented in this lesson, research the Internet, books, journals, etc. about risk management related to liability like cyber, property damage and third party liabilities.

Step 2: Write a 750-word essay (which includes a minimum of three sources, at least two from the lesson) that responds to the following prompts:

Write an introductory paragraph about the importance for small businesses to manage and mitigate potential business risks like cyber, property damage and third-party liabilities.
Include a statement about how all of these risks, individually or collectively, that can lead to serious reputation damage for a business if left unmanaged. Identify and describe three examples.
Describe an avoidance / mitigation prevention process that could be implemented to manage these risks.

Step 3: Complete the essay.
Review and edit the draft. Perform a spell and grammar check.

Use these writing guidelines:

· Include a cover page and references in addition to your required page count.

· Use correct APA format.

· Double-space text.

· Use size 12 Times New Roman.

· Use section headings to organize.

· Indent paragraphs.

· Include in-text citations as appropriate.

· Use correct spelling, grammar, sentence structure and verb tense.

References
Lam, James. (2014). Enterprise Risk Management : From Incentives to Controls (pp. 1-66). John Wiley & Sons, Incorporated. Chapter 1 and Chapter 4.

Managing Risk in the New World from Kaplan, R.S., Mikes, A., Simons, R., et. Al. (2009, October). Managing Risk in the New World. Harvard Business Review, 87(10), pp. 68-75.

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