Business Risk Management

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Type: Vocabulary
Originally published on November 2, 2020 and last updated on July 19, 2023

The topic of business risk management holds immense value for English learners as it provides a comprehensive understanding of the potential challenges and uncertainties organisations face. By exploring this topic, learners can develop a specialised vocabulary related to risk assessment, mitigation and strategic decision-making.

Moreover, understanding business risk management principles enables learners to analyse real-world case studies, evaluate potential risks and propose effective solutions.

Go through the vocabulary below with your students and ask them to try and use this vocabaulry where possible when discussing the different conversation questions.

About Business Risk Management

Business risk management is a vital practice that organisations employ to identify, assess and mitigate potential threats and uncertainties that can impact their operations and objectives.

By implementing robust risk management strategies, businesses can proactively anticipate and address risks, make informed decisions and seize opportunities for growth. Effective risk management encompasses risk identification, analysis, mitigation and monitoring, ensuring long-term resilience and success in today’s dynamic and competitive business landscape.

Useful Vocabulary

Try and use the following vocabulary when answering the question. Click to look up the definition in the dictionary

  • risky (adjective)
  • risk factor (noun)
  • risk assessment (noun)
  • economy (noun)
  • market (noun)
  • overlook (verb)
  • analyse (verb)
  • end up (phrasal verb)
  • depend on (phrasal verb)

Conversation Questions

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  • What is your understanding of business risk management?
  • Why do you think business risk management is important for organisations?
  • Can you think of any examples of business risks that companies commonly face?
  • How can those risks be managed?
  • In your opinion, what role does effective communication play in business risk management?
  • What are some potential benefits of implementing a proactive approach to business risk management?
  • How can business risk management contribute to long-term sustainability and success for organizations?
  • Should businesses prioritize risk avoidance over risk-taking to ensure long-term stability?
  • Should companies invest more in technology and data analytics for improved risk management?
  • What would be a low risk business to start today?
  • What type of business would be very risky to start today?
This conversation topic was prepared by Gregory

Gregory is a qualified TEFL teacher who has been teaching English as a Foreign Language (ESL) for over a decade. He has taught in-person classes in Spain and to English learners around the world online.