Which of the following is NOT a strategy to prepare for unforeseen risks?

Ignoring market trends is not a viable strategy for preparing for unforeseen risks. In fact, staying aware of market trends is crucial for effective risk management. By monitoring market trends, organizations can identify potential shifts or emerging risks before they become significant issues. This proactive approach allows for better planning and responsiveness, enabling businesses to adapt strategies accordingly.

On the other hand, developing contingency plans, diversifying operations, and regularly reviewing risk practices are all proactive strategies. Developing contingency plans ensures that there are predefined responses to various potential risks. Diversifying operations spreads risk across different areas, reducing dependence on a single market or product. Regularly reviewing risk practices is essential for ensuring that the risk management strategies in place remain current and effective, adapting to new developments and changing environments.