Risk management involves understanding, analysing and addressing risks in order to reduce them to an acceptable level, or fully eliminate them. As a practice, risk management seeks to protect your business from potential hazards without hindering growth.
Risks are implicit in doing business. Many types of risk can affect your business including IT, operational and financial risks, as well as legal, regulatory, political and strategic risks. Most of these can pose both opportunities and threats, and can affect your ability to achieve your business objectives.
This guide explains the risk management process and the types of risk your business faces. It tells you how to evaluate business risks to identify those that could pose a threat to your successful operations.
Once you identify your risks, it's important to find ways to mitigate them or prevent them from occurring. This guide suggests certain preventative measures for business continuity and information to help you choose the right insurance to protect against business risk.