What is risk management?
Like all ventures, running a business comes with an element of risk. Accidents and natural disasters, financial uncertainty, or legal liabilities: whether seen or unforeseen, these threats are part and parcel of owning your own business – and limiting them could be vital to its wellbeing.
That’s why it’s important to manage risks to your business.
Identifying, analysing and managing risk could help limit any damage to both your capital and earnings. By planning ahead and staying aware, you could protect your business’ money and reputation if and when these threats come about.