{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "rogueId": "finance.risk_factors",
    "slug": "risk_factors",
    "domain": "finance",
    "defaultLabel": "Financial Risk Factors",
    "description": "Material risks that could break the forecast or the cash position — customer concentration, contract renewal risk in the next 2 quarters, debt-covenant proximity, FX exposure on multi-currency revenue/cost mix, payment-processor concentration, audit/tax adjustments under review, regulatory changes affecting revenue recognition. Distinct from `risk_factors` at the operations level — this is explicitly financial. Common pitfall: this field becomes boilerplate (\"market risk, execution risk\") instead of naming the specific risks the board can act on this quarter. Best practice (per the standard board-pack guidance reflected in NVCA Model Investor Rights Agreement information-rights conventions): name the top 3–5 risks with a probability/impact note and a current mitigation status.",
    "fieldType": "text",
    "unit": null,
    "maturity": "general",
    "suggestedForStages": [
      "preSeed",
      "seed",
      "seriesA",
      "seriesB",
      "seriesC",
      "public"
    ],
    "defaultOwningFunctions": [
      "Finance"
    ],
    "stageRelevance": {
      "preSeed": "recommended",
      "seed": "recommended",
      "seriesA": "core",
      "seriesB": "core",
      "seriesC": "core",
      "public": "recommended"
    },
    "definitionSource": {
      "tier": "editorial",
      "sourceName": "imboard Editorial",
      "sourceUrl": null,
      "sectionRef": null,
      "publicationDate": "2026-04-01",
      "attributionNotice": null
    },
    "formula": "No calculation — narrative. Convention: 3–5 risks, each with a one-line statement, qualitative likelihood, qualitative impact, and current mitigation action.",
    "whyItMatters": "Gives the board a defensible answer to \"what should worry us next quarter\" — and creates an audit trail of which risks management saw coming vs. which surprised them. Frequently the highest-signal part of the cash dashboard at growth stage.",
    "interpretationGuidance": "Track risks across periods — risks that disappear without explicit resolution are usually still active, just not being managed. Boards should treat a thin or unchanged list (no movement quarter-over-quarter on multiple periods) as a yellow flag on financial-controls maturity.",
    "relatedKpiIds": [
      "finance.assumptions",
      "finance.forecast_notes",
      "finance.burn_rate_scenarios",
      "fundraising.risk_factors"
    ]
  }
}