Guest Contribution by Ken Lynch
If you’ve been directly involved in the management of any business, you’ll opine that it’s impossible to thrive without taking risks. However, you must evaluate every risk to ensure that your business can handle the consequences in case things don’t turn out as planned.
While some risks are worth taking, others have the potential to bring down your business. As such, you must develop a risk management plan to guide you through every step of revolutionizing your business through calculated risk-taking.
What Is Risk Management?
Risk management refers to the process of identifying, assessing, and mitigating risks in a business. The risks are from different sources, including natural disasters, legal liabilities, accidents, management problems, data insecurity, and financial uncertainties.
The goal of any risk management plan is to identify these threats before they cause harm to the organization. The main steps of this process include:
- Risk Identification and Assessment. This entails scanning through all the departments and your organization’s projects to spot any element that could expose the business to risks
- Risk Analysis. After…
