External Environmental Changes Drive the Need for Risk Management


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Which one of the following is NOT a step involved in risk management?

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1. Samantha is a CEO of a large marketing company. She is trying to determine what external factors may impact the business in the next few months. She is concerned about the 2018 midterm elections and has decided to invest money into a PAC of a pro-business independent candidate. Another cause for concern is the increasing number of complaints regarding her IT sector. Which of the following may impact her business, and how can she manage these factors?

2. Which of the following is an example of an environmental change related to an economic factor?

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help you gauge your understanding of the role of external environmental changes on risk management. To pass the quiz you need to know the steps involved in risk management and the best explanation of external environment in business.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Example of an environmental change related to an economic factor
  • Change related to the external political environment
  • Technological change that can affect risk management

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Knowledge application - use your knowledge to answer questions about the steps involved in risk management
  • Interpreting information - verify you can read information regarding external factors in risk management and correctly identify those factors
  • Reading comprehension - ensure that you draw the most important information from the related external factors in risk management lesson

Additional Learning

To learn more about the external factors in risk management, review the corresponding lesson called External Environmental Changes Drive the Need for Risk Management. This lesson will help you:

  • Know the basics of what risk management involves
  • Learn where legal factors may come from
  • Identify the four most important types of external factors and their characteristics
  • Understand the reasons technological factors are particularly difficult in today's world