QUESTION 3 (20 Marks) 3.1 Explain the difference between speculative risk and pure risk (6 marks) 3.2 Process risk relates to the objectives of a business that are not met due to the process designed by the business failing to support the business model. Determine the variables that contribute towards process risk. (5 marks) 3.3 Environmental risk is when external factors impact on the performance of businesses, or makes its decisions associated with its strategies, operations, customer and supplier relationships, organizational structure, or financing either unproductive or outdated. Determine the factors of these external variables. (5 marks) 3.4 Explain and discuss the concept of credit risk that businesses are exposed to daily. (4 marks)