When a firms identifies Strategic Risks that it faces: it is…
When a firms identifies Strategic Risks that it faces: it is important to engage in a risk management process to manage them. First a firm must develop its strategic goals. Then the firm must analyze its environment: both internally (the firm’s assets and unique competencies) and externally (trends in the industry, or the macroeconomic environment at large). A tool that can help a firm analyze its environment for both internal factors and external factors is: