Controlling Risk as a part of the Risk Management Process

After you have Identified and analyzed risk then you have to control risk. There are a few options to look at when deciding how to control risk in your business. You can avoid risk by making the necessary changes in your business to stop a particular exposure. You can reduce risk by changing an operation or procedure or by separating risk and duplicating processes to reduce risk. These are only a few of the steps a business owner can take to get a handle on controlling the risk in their business. In the next post I will discuss financing risk, which is how to pay for retaining risk or the benefits of transfering risk to an insurance company. Until next time be careful out there and know your risks.  K

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