Question

When considering organisational risk it is important to review the political, economic, social, legal, technological, and policy context. Comment on the influence/ impact each of those factors has on an organisation’s risk profile—the risk scope and context. (500–700 words)

Answer 1

Answer :

The tasks of any association is laden with a few dangers which can affect the possibilities of its business. These hazard factors are for the most part attached to the outer factors, for example, depicted as follows :

Political - Political shakiness in a nation prompts impressive measure of decrease in simplicity of working together. The whole business condition is exasperates and there is not really any degree to extend business or gain new purchasers. Government can't set up arrangements which are helpful for business and it harms the possibilities of organization.

Monetary - The financial boundaries raised by nations or arrangement creators can cause genuine hazard for organizations all through the world. The duty hindrances that are brought up in request to ensure indigenous business may prompt fall of offers for the organizations in that specific industry

Social - A market which is amidst social change or turmoil would prompt irritating condition for the business and posture hazard for an organization.

Legal - Legal frameworks are one of the mainstays of good administration. A commercial center where there are no redressal through legitimate techniques would prompt impressive measure of misfortunes for organizations in view of fights in court which can keep running for a long time.

Innovative - Technology is an advancing space and changes in all respects quickly. There might be circumstances wherein the innovation on which an organization works might be out of date and it may prompt a total focused weakness for the organization.