Risk management

What are the steps in a risk management process and where do I begin? And once risks are identified, how are they evaluated and what are the strategies for mitigation and management?

Risk is the likelihood of an event and its consequences. Businesses face risks that can threat their very existence, which is where the risk management element comes in: the process of preparing for such eventualities. By identifying what can go wrong, risks can be reduced or prevented, and the impacts lessened, which is a central part of successful growth. Being prepared not only reduces the chance of failure, it also deepens understanding of a business’s critical success factors.