Risk is the probability of something negative happening, whether it is a delay in a project, a competitive price war, a product warranty issue, a lawsuit, or a catastrophe. We live in a world of multi-dimensional risk, and while our minds are often focused on the upside potential of a business, it is prudent to spend some time focusing on understanding and mitigating the larger risks tied to a business. For, business risk is simply a cost that will probably be paid at some point in the future.
Risk management involves the identification, assessment, mitigation and monitoring of risk within a business.
To get you going on Risk Management, download the free Risk Assessment & Strategy Worksheet.
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