Every business comes with risk. In fact, one can go to the extent of saying that businesses are coupled with risk. It is an inevitable truth of running a business. The best way forward, given this situation is to be prepared to face risks, both that are expected and unexpected. It is for this reason that many businesses avail the services of
risk advisory firms in Delhi. Some of the
best CA firms in Delhi also offer risk advisory in services.
What are the types of business risks?
Business risks can be generally classified into five types- strategic risk, compliance risk, operational risk, financial risk and reputational risks. Strategic risk refers to when the business strategy adopted by a company loses its effectiveness and thus proves risky. Constant consultation with
risk advisory firms in Delhi can help avoid such risks. Compliance risks refers to the risk of being penalized as per law for non-compliance. With ever-changing laws and regulations, availing the services of the
best CA firms in Delhi will definitely help you avoid this risk.Operational risk, as the name suggests refers to a risk in the day-to-day operations of the company. This can only be mitigated by having a ‘risk plan’ in place to mitigate operational risks. Financial risk is the uncertainty of steady flow on finances. Reputational risk refers to damaging of a company’s reputation. This hinders business development and leads to loss of existing clients.
What is risk advisory?
Risk advisory is the service offered by
risk advisory firms in Delhi and the
best CA firms in Delhi whereby they analyze the risk factors involved in a business and advice clients accordingly so as to be best prepared to mitigate the risk or to avoid them completely.
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