Insights
Global Risk Assessment & Management: Why It Matters
You may wonder if your business has no physical presence outside of the United States, why you should even consider a global risk assessment. After all, your company has no ties outside of the country. Even so, technological advances have made our world much smaller, and what happens on the other side of the globe may still have an impact on your business. At Black Lion Services, PLLC, we are legal professionals that provide global risk assessments to businesses of all sizes.
Global Risks That Can Affect Your Business
There are global considerations that can have an impact on your business even if you do not operate overseas, including:
International Competition
Unlike the businesses of our grandfathers, today’s companies have more competition than just the other businesses in town. Especially since the pandemic and resulting international lockdown, many people have foregone patronizing local businesses and have turned to online shopping and services. Companies must therefore evolve and learn how to compete on a global scale. Not only does international competition apply to the customer base, but it also applies to employees. With the ability to work from home becoming more prevalent and popular, candidates for a position within a company may come from all over the world.
World-Wide Social Media
Negative publicity is something no company wants. When it does happen, it is essential to have damage control measures to counter the bad publicity. This can prove particularly difficult in today’s world as social media has provided a global platform for airing grievances. Examples of negative publicity include:
- Product recalls
- Bad reviews on sites like Yelp
- Data breaches
- Executive misconduct
A Global Economy
It may seem a little obvious, but the global economy can be a risk factor for any business. Events that happen in other countries can have a significant influence on domestic companies. Examples include Brexit and US/China trade tensions.
Disasters With A Global Reach
International disasters, both natural and man-made, have the potential to put your business at risk. One way this happens is through supply chain interruption. If any part of your product or service is produced overseas and a disaster should occur in that area, your company’s ability to meet client demand may be compromised. Another rather obvious example is COVID-19. The far-reaching impact of this novel virus has impacted businesses around the globe.
Be Prepared For All Potential Liabilities
No matter the size or focus of your company, you need to be aware of all potential liabilities, both foreign and domestic. At Black Lion Services, we can provide you with a global risk assessment that explains your areas of potential liability and how to minimize the risk to your company. Once you contact us, we can schedule a confidential consultation wherein we will learn all about your company, and you will learn how we can help you maximize growth and reach your short and long-term goals.
April 21, 2021 Share This