20 R&BM

What are the components of a business model in risk management framework?

• Employees, customers, suppliers, and competitors

• Sales, marketing, production, and finance

• Quality, efficiency, sustainability, and compliance

• Customer, offering, resources, and resilience

Why is it important for organizations to understand their business model?

• To identify strengths, weaknesses, opportunities, and threats

• To increase revenue and reduce costs

• To comply with industry regulations

• To attract new customers and retain existing ones

What is the significance of resilience in the business model?

• It is strategic and tactical resilience

• It is customer and supplier resilience

• It is operational and compliance resilience

• It is reputational and financial resilience

What is considered to be the most important aspect of any organization?

• Customer satisfaction

• Reputation

• Innovation

• Financial stability

What is the European Commission's definition of Corporate Social Responsibility (CSR)?

• An enterprise should prioritize environmental impact over social responsibility

• An enterprise is accountable for its impact on all relevant stakeholders

• An enterprise must focus on maximizing profits at all costs

• An enterprise should only be concerned with its shareholders

What is the range of topics covered by Corporate Social Responsibility (CSR) according to the text?

• Financial planning and investment strategies

• Product development and innovation processes

• Marketing strategies and sales techniques

• Health and safety concerns to broader considerations related to employees, customers, suppliers, and the community

What can unethical trading practices result in for an organization?

• Damage to reputation, loss of future profitability, and refusal from customers and suppliers

• Higher revenue and lower operational costs

• Increased market share and brand loyalty

• Improved customer satisfaction and employee morale

What is the importance of having a good reputation for organizations?

• Customers or clients will have a desire to trade with the organization

• To attract new investors and partners

• To increase employee turnover and reduce retention

• To comply with legal regulations

What are the four main components of reputation according to the text?

• Quality, efficiency, sustainability, and compliance

• Employees, customers, suppliers, and competitors

• Sales, marketing, production, and finance

• Capabilities, activities, standards, and ethics

What does the spidergram in Figure 20.2 represent in relation to an organization's reputation?

• Analyzing financial performance and market share

• Evaluating customer feedback and product quality

• Assessing employee satisfaction and retention rates

• Mapping the overall reputation based on capabilities, activities, standards, and ethics