Risk assessment

New in the market

As a start up business we will face some problematic issues such as lack of awareness among
people about our services. We need to execute strong marketing activities to make people aware
and convince to take services from us. Customers might be unwilling to trust or switch from
traditional way to online process as many of the customers are not used to in using internet also.

Increased competition

Since it is online business and requires less set up cost at the starting point anyone can start this
kind of business very easily. In that case there is a huge possibility to increase intense
competition in the market. It will be difficult for us to run the business struggling with
competitors.

Lack of trust on online platform

Any kind of fraudulence techniques can affect our business badly because customers can lose
faith on affiliates to get any services and this can be a harmful impact for us.

Inabilities:

The elderly people might not be able to use the app or website properly. Which may cause the
inability to bring in new clients.

Changes in law:

There might be changes in law which may get hard to adapt. As a result, there might be risk in
that case.

Mismanagement of service:

As the firm grows, it may get hard to manage the service. It may get difficult to get the skillful
workers who will manage the service better. Therefore there might be risks when the company
decides to expand.

Contingency plan
Every business can face some unexpected crisis at any time or situation. To deal with the crisis
we need to build a contingency plan properly and also maintain it. Our business contingency plan
consists of following things:
1. Financial contingency plan

As we will run a online based business through app and website we have to invest capital for
developing the app and website and it will require some money also. So we will keep back up
plan for financial support so that we can continue the business by continuously updating the app
and website with innovation and user friendly design. we have to ensure the availability of cash
flow to run the business operation smoothly to deal with survival risk. All of our partner will
keep little amount of money deposited to use it when we need any necessity of financial support.

2. Marketing plan

Marketing activities are most important for any business. To targeting customers towards our app
and website we have to pay attention to promotional activities as well. We will promote new
offers for the customers and educate them about our services so that we can bring them back to
our websites and make their journey best.

3. Advance technology and equipment

Our business is highly dependent on online to run. We have to ensure the functionality of
our app and website because if it goes down due to any technological error or difficulties we will
not be able to run the business activities. That is why we will ensure the availability of website
developer and designer so that we can seek help in emergency crisis. And we will also keep extra
set of laptop or desktop computer in stock so that we can use it alternatively to replace it
immediately.

4.Trained employee for back up

We will hire additional employees for our business who can work professionally in website and
app development sector. We will ensure the ability to work with computer system. We will
arrange a cross training for the employees so that they can work with proper knowledge and
expertise as per requirement and also can give back up support in every situation.

3. Supply of high speed internet and electricity system

Our business is highly relied on high speed internet connection. That is why we need to ensure
the supply of internet connection in time because if connection fails suddenly it will not possible
to run activities. So we will manage a backup plan for it. Electricity is an essential element for
our business and we will set up an IPS to recover the failure of electricity supply.

4. Protection from fraudulent activities

We all know that there is always a concern of fraudulence in online business. We have to
overcome this risk. For that we will put right application review and reporting system. We will
also set a fraud prevention team to monitor all online activities for clients and attorneys.