The purchase of a corporate insurance program cannot manage all the risks in the technology industry. However, the adoption of a strong risk management strategy may significantly manage the risks. If implemented correctly, a strong risk management strategy can help companies to rise, preserve capital, and therefore grow their businesses.
During our 2013 risk management survey, we found that executives in the Hardware industry were aware of the main organizational risks.
Risks of damage to a firm’s reputation, brand, and image and risks to the network, security, and privacy of a firm as well as loss of intellectual property were the top ranking risk concerns for firms in the hardware sector according to our survey. Other top ranking risk factors in this sector were supply chain vendor and product recall risks, business Interruption, changes in economic conditions, risks associated with partnerships with vendors and other strategic alliances, and potential changes in the legislative, corporate governance, regulatory environment. Our survey also found that access to capital and risks of failure to attract and retain key talent as among the top ten risk factors for firms in hardware sector.
To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.