To recap, business risk encompasses risk associated with compliance risk, operational risk and strategic risk. This includes human resources/labour risk, information technology and cybersecurity risk, safety risk, environmental risk and risk related to product/services offered by a company, and quality risk. Under the strategic risk, this may include political risk, regulatory risk, culture risk, currency risk and even country risk. When one is referring to financial risk, the risk here relates to market risk, credit risk and liquidity risk as well as cost controls, while hazard risk encompasses risk related to corruption, fraud, misconduct, litigation risk, property or fire risk as well as morale and reputation risk. This among others include all the financial risk factors, and some of the risk factors defined in the ERM framework under the business risk and hazard risk, which include political, country, catastrophic, property and fire risk, litigation risk as well as moral and reputation risk.

Source: The Star May 14, 2022 15:04 UTC