Flexibility and robustness as options to reduce risk and uncertainty

Any company operating in international markets will face a multitude of risks. Acknowledging these risks and devising a strategy for how to deal with these risks is a prerequisite for survival in today’s competitive market. Assuming that the task to come up with a new strategy implies that the old strategy has outlived itself or at least has proven itself wrong on too many occasions, the stage is now set for a new approach.

This paper will first present the main risks that are facing any company. Then, the available options to reduce these risks will be considered. Finally, in relation to these risks, flexibility and robustness will be introduced as a tool to handle uncertainties (risks).

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