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Strategic Risk: The possibility that a company does not make decisions that support its long-term goals. When assessing strategic risk: 1) Know the age of the company and its market size; 2) Understand who is in charge; 3) Ensure operational controls are monitored and addressed through audits; 4) Vendor management must be in place; 5) Business continuity to mitigate or prevent business interruptions and prompt recovery should also be in place; and 6) Institutions should know where operations, personnel and subs are located (specifically offshoring and outsourcing).

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