Question

What would be your recommendation for attempting to correct (over a period of time) the damage done in the business office?

Answer 1

Manage risk

Every business faces risks that could present threats to its success.

Risk is defined as the probability of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing these risks.

Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them.

This guide sets out how to identify the risks your business may face. It also looks at how to implement an effective risk management policy and program which can increase your business' chances of success and reduce the possibility of failure.

• The risk management process
• The types of risk your business faces
• Strategic and compliance risks
• Financial and operational risks
• How to evaluate risks
• Use preventative measures for business continuity
• How to manage risks
• Choose the right insurance to protect against losses