#MEMEAct
Strategic risk assessment is another essential element for companies.
They must consider various risks, including technology risks associated with smart contracts and decentralized finance (DeFi), market risks, and counterparty risks.
Controlled learning environments can help companies understand these risks without jumping to incorrect conclusions.
Often, taking on too many risks at once can obscure the root causes of failure.
Furthermore, companies should have a strategy regarding their internal and external operations. In technology companies, there is a tendency to build everything in-house, driven by a satisfaction with creativity rather than outsourcing. However, leveraging external expertise, as the common concept suggests, is crucial for maintaining competitiveness, where speed is critical but must be balanced with effective risk management.
The slogan "move fast and break things" highlights the importance of risk management to avoid catastrophic failures.
Companies can mitigate these risks by implementing controls and processes that address previous industry problems.
This approach, while it may seem reactive, is essential to prevent the repetition of historical mistakes. Core measures, such as external audits, business controls, and best practices, are crucial.
