describe the types of risks involved in business transactions?
The following are some of the risks involved in business transactions.
1. Risks related to transactions : These risks can be further bifurcated in three types as follows.
Customer denies making the order and denies payment
The goods are no delivered or delivered at the wrong address
Seller does not receives the payment while the customer claims to have made the payment
Such risks can be avoided by providing complete and true information by both the parties (customer and seller) before making the transaction.
2. Risks related to data storage and transmission : Data stored and transmitted is prone to hacking and threat of virus. Caution and appropriate measures must be taken to duly protect the data.
3. Risks related to privacy and intellectual property rights : Information available online is open to all, thereby is prone to piracy and copyright issues. Proper measures must be taken by business entities to protect themselves from such risks.
1. Risks related to transactions : These risks can be further bifurcated in three types as follows.
Customer denies making the order and denies payment
The goods are no delivered or delivered at the wrong address
Seller does not receives the payment while the customer claims to have made the payment
Such risks can be avoided by providing complete and true information by both the parties (customer and seller) before making the transaction.
2. Risks related to data storage and transmission : Data stored and transmitted is prone to hacking and threat of virus. Caution and appropriate measures must be taken to duly protect the data.
3. Risks related to privacy and intellectual property rights : Information available online is open to all, thereby is prone to piracy and copyright issues. Proper measures must be taken by business entities to protect themselves from such risks.