Managing International Business Risks
Risk Management is a key part to any international business expansion plans.
Knowing what to do when don’t go to plan is vital, and up-front awareness should also lead to better ways of managing the processes so that the
likelihood of problems is reduced.
- Country risk: a PEST analysis. Review of the Political, Economic, Social and Technological macro-environmental factors. This is a key component to your external analysis when conducting a strategic analysis or doing market research.
- Commercial risk: the risk of not being paid by your buyers. You need to ensure that you are getting your product to buyers
and ensuring payment.
- Payment risk: payment methods, how to protect your FX risk.
- Market risk: contingencies for changes in market conditions and product demand
If your business is new to international trade, it is important to assess and plan for the different risks you will face.
The below guide outlines the key risks you should consider:
- Marine Cargo Insurance
- Products Liability Insurance
- Trade Credit Insurance
- Political Risks Insurance
- Corporate Travel Insurance
- Insurance Premium Funding
- Credit Insurance for export receivables
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Ed Serrano
Managing Director,
VEKTA Advanced Automation
Member of the ECA
"In 2014 Vekta Automation became involved in the Export Awards and started to get a better understanding about the role of the Export Council of Australia.
After attending a seminar in Perth in February 2019 the decision was instantly made and we signed up the next day. A decision we should have made 5
years earlier. For Vekta, the information, expertise and networking opportunities that the ECA provides has been valuable. It is reassuring knowing
that there are experienced and knowledgeable people we can turn to when advice is needed."
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Established in 1970, Mavlab Animal Health Pty Ltd is a Queensland based, family-owned, GMP licenced manufacturer of veterinary pharmaceuticals and pet care products. Mavlab has an extensive range of prescription and over the counter
products sold in a growing number of global markets. Contract manufacturing opportunities are also available.