Every business faces risks that could threaten its success. Risk is defined as the likelihood of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing these risks.
Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them.
This guide sets out how to spot the risks your business may face. It also looks at how to implement an effective risk management policy and programme which can increase your business' chances of success and reduce the chance of failure.