Which of the following is NOT considered a macro risk? A. Political instability B. Legal regulations C. Economic recession D. Poor internal management

A macro risk is an external factor that affects an entire economy or industry, often beyond the control of an individual business.

Let's evaluate the options:

• A. Political instability: This is an external, large-scale factor that can impact all businesses in a country or region. It is a macro risk.
• B. Legal regulations: Changes in laws and regulations are external factors that affect entire industries or the economy. They are macro risks.
• C. Economic recession: A recession is a widespread decline in economic activity, affecting many businesses. It is a macro risk.
• D. Poor internal management: This refers to issues within a specific organization, such as inefficient operations or bad decision-making. These are micro risks or idiosyncratic risks because they are specific to the company and are generally within its control.

Therefore, poor internal management is not considered a macro risk.

The correct option is D.
$\boxed{\text{D. Poor internal management}}$