Final answer:
The factors that represent potential risks which could be addressed through effective risk management include market fluctuations, weather, supplier failure, quality defects, and geopolitical events, among others. Each of these factors affects different aspects of business operations and can be mitigated with strategic planning.
Step-by-step explanation:
Risk management involves identifying, assessing, and mitigating uncertainties to minimize the negative impact on an organization. When we look at the potential risks that could be addressed through effective risk management, all the factors mentioned in the options have their own set of risks. Market fluctuations, weather, and legal requirements are occurrences over which individuals and businesses have very little control, and they may incur economic risks. For instance, severe weather could disrupt production or supply chains. Similarly, supplier failure, quality defects, and customer demands are risks that can affect the operations, reputation, and finances of a business. Supplier failure could lead to production delays, quality defects may result in recalls or damage to brand reputation, and fluctuating customer demands could affect sales.
Technological advances, the rise of e-commerce, and events like pandemics introduce risks related to obsolescence, cyber-security, and global health crises which can vastly affect market dynamics. Finally, geo/political events such as conflicts or changes in government policies can also pose significant risks by affecting market stability or causing fluctuations in currency values, thus affecting international business operations.