Developing a Risk Management Plan for Your Online Business

Risk Management Plan

Life is full of uncertainties, and business is no different. Some things are beyond our control but things do happen and things change. Risk Management Plan

However, risk management may help you regain control of your company by preparing for the unexpected, making wise choices about how to handle prospective risks, and creating the right response based on an impact and likelihood analysis. Risk Management Plan

What are the dangers of doing business online?

The necessity of using a risk management strategy for your internet business is examined in this article.

Your website and that uncomfortable sensation

In 2005, we opened our first internet store. Although it doesn’t seem like it has been that long, in digital years, it has been a lifetime. Since that time, our stores have appeared and vanished. We’ve tried and failed on every market that enticed us with promises of success, but we persisted in our forward motion.

I always saw the ups and downs of our endeavours as a teaching opportunity. We were developing as long as we were learning. Continuous development, “fail fast,” and other such nonsense. You have to cling to whatever helps you get through the day at times.Along the way, there were difficulties, but I never felt like giving up.

Until…

Your website and that uncomfortable sensation

I received a nasty letter from a law firm in or around 2015. On our website, we had utilised a licenced photograph, and they demanded payment. BIG Restitution. I was perplexed. When appropriate, we carefully considered attributed content while using our own photographs. The image in question was uploaded by a guest blogger and never used, but it was still on our system. If you were seeking for that particular image, that was sufficient to appear in a Google search. They were, too.

These actions are referred to as nuisance claims. They are the ambulance chasers of the internet.

Knowing that most people would prefer to settle than go to court, they send out bulk demand letters to people who have either purposefully or unwittingly breached image copyrights. This strategy has a good chance of success. And while dubious, it is entirely legal. Risk Management Plan Risk Management Plan Risk Management Plan

Finally, we too came to an agreement.

Time to Reconsider

I had to reconsider the web as a whole after the encounter. First, because we rely so significantly on user-generated content, we must be vigilant about plagiarism and other intellectual property violations. Was it really worth it, though? Then the CCPA, GDPR, and numerous more privacy legislation appeared. Ugh! And when it comes to compliance, that is merely the top of the iceberg. Risk Management Plan Risk Management Plan 

It’s time to give up. It’s tempting, but no.

It was time to become more savvy and implement a risk management approach in order to recognise and reduce potential compliance and other web issues. Unfortunately, danger cannot be completely eliminated. Every business confronts risks, and regrettably some never recover. Our exposures must be managed and reduced as much as possible.

Read More : Tips to grow your social media for business in 2023

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