Risk Management – How Not to Do It
Risk management is a necessary step in any business. It involves managing the risk in a business and minimizing it. This is to ensure that the business does not suffer from losses. In this guide, we will look at how not to consider risk management when launching a new product or expanding your company. To minimize risk, it is important to understand the various ways in which risks can occur and have appropriate control measures for these risks. These controls can take different forms such as: - Insurance : A risk mitigation tool through which you can reduce the financial and physical loss caused by events such as natural disasters, fires and theft. - Insurance company : The entity that manages insurance policies and processes claims for you after an event happens Different types of risks can come with any project. Some examples of risk management are: Business Risk, Technology Risk, Risks to Customers, Risks to Human Resources or Risks to Business Strategy. A business needs to have a