Top 3 Ways to Identify and Mitigate Risks in Your Business Environment

What do you think about Competitive Intelligence? You might have heard that Competitive Intelligence often depends on your organisation’s objectives. There are plenty of aspects of competitive intelligence, but, in this blog, we are going to shed some light on the risk intelligence, revealing how different industries are using competitive intelligence analysis services to detect and mitigate risks.

The definition of risk intelligence significantly varies by industry. It’s the process of taking into account every possible risk that can affect your organisation and create contingency plans, and communications strategies.

Some risks you may consider are:

•    Social

•    Economical

•    Legal

•    Technological

•    Geopolitical

•    Safety

•    Data Leaks by employees

Though specific risks may differ from industry to industry, the main purposes of using competitive intelligence for risk management are:

·  Getting accurate knowledge of the business environment and understanding where your weakness is.

·         Clearly defining your risks and keeping an eye on risks and factors that could cause risks.

·   Moving strategically to get away with the risk along with finding ways to prevent them, or boosting your response time and efficacy when the risk becomes a reality.

Plan

Different industries use Competitive Industry Analysis Services and Risk Intelligence for various reasons, but a company must use the same when establishing a competitive intelligence project in order to find and mitigate risks.

·        Brainstorm all possible risks that may affect your organisation, your industry, your partnership, country etc. Include as many employees from other units as possible, since they have a remarkable knowledge of your environment.

·         Once identified the risks, you can determine how these risks would affect you.

·         Design plans to mitigate these risks. Set your monitoring tasks to watch for these risks.

Choose larger yet specific topics

While monitoring the purposes of risks intelligence, your monitoring parameters will be considerably broader and specific. Competitive intelligence for risk is significantly different from other applications of competitive intelligence.

In case you are looking for the aims of risks management, you should watch for:

•    Industry news

•    Supplier news

•    New regulations

•    Security threats

•    Risks in the countries you operate in

•    Safety threats

•    Political changes

•    Innovations

•    Natural risks

•    Competitors

•    Economic risks

•    Industry changes

•    Cyber threats

Stay organised and use technology

As mentioned above, risk mapping is an excellent way to represent the risks based on how frequent they are to occur.

When working on a risk intelligence project, you should use data visualisation tools to keep a record of all of your information. By linking your monitoring tool to data visualisation tools, you will be able to establish a virtual risk management map, or a kind of risk management “war room” to observe when a section of the globe your monitor us getting a lot of attention from the news or social media. Imagine if you have all your information imported into a data visualisation map. If you see that the region your office is located in is suddenly lighting up, for example, you can check the associated mentions to outline and identify what risk is happening, and immediately execute your risk mitigating plans.

So these are some easy steps to understand Risk Intelligence and identify possible risks in your business environment. For more information on Competitive Intelligence and Business Plan Development Services, you can contact Penterra Analytics.

Penterra Analytics provides you with fast and effective market research and analytics solutions at a reasonable cost.