Challenges to your business - both daily and long-term competitiveness - lurk in surprising places. Here's how to protect your company.
By Bruce Belzak
To paraphrase Donald Rumsfeld, there is 'what you know,' 'what you know you don't know,' and 'what you don't know you don't know.' While these unknowns have always been present in business, today more boards of directors are asking management the simple question: Have you identified our risks? This is driven in part by the push for corporate transparency, big patent and product liability litigation cases, and the rise of consumer activism. Risk is also extended from the increasing complexity of developing biologics and more complex supply chains as well as an increase in development time for getting a drug to market. For large companies, being blindsided by a risk can damage brand and reputation as well as hurt the bottom line. For small biotechs, an ...
