Issue link: https://www.e-digitaleditions.com/i/751848
50 FEDA News & Views RISK DOMAIN QUESTIONS Reputational Relationship Safety About the Authors Michael Fassler and Wendy Sage-Hayward are senior consultants with The Family Business Consulting Group, Inc., a lead- ing management consulting firm serving the unique needs of multi-generational family businesses worldwide. Learn more at www.thefbcg.com. • Is this business venture consistent with our family enterprise values? • What stakeholders are we dependent on in this venture? How could they impact our reputation? • What cybersecurity risks do we face? What do we need to do to mitigate these risks? • Does our reputation exceed our capabilities to meet the expectations of the marketplace? • How are changes in cultural norms affecting our reputation in the market- place? • Under what conditions would we exit from our legacy business? How would this impact our family's reputation? Nonfamily • To what extent is our business dependent on external stakeholder(s) in order to be able to create value and compete in the marketplace? • To what extent does our customer concentration expose our company to risk of a sudden downturn in revenue? • To what extent does our supplier concentration expose our company to risk of interruption of our ability to meet our commitments to customers? • Do we have sufficient outside influence within our governance system to ensure accountability for expected behaviors and results? Family • How are we building relationships and emotional ownership in our family to ensure continuity? • What family participation policies and protocols do we need to effectively manage the family's interaction with the business vice versa? • How are we investing in the development of the next generation ownership group? • How do we strengthen our capacity as a family to effectively communicate, resolve conflicts, and make decisions together? • What safety risks do we have in our workplace? • How are we addressing these risks? • What safety training do we need in our workplace? • What resources do we require to monitor our safety program and improve it over time? • What recovery measures do we need to adequately handle a major disaster? (i.e., to sustain safe operations, meet customer commitments and recover operating costs)