Risk & Business

In previous posts I reviewed the risk management process as a part of the total Enterprise Risk Management program of a business . To identify potential risks in each segment of your business you should use a checklist or flowchart . There are many websites and resources out there specific to your business to obtain these tools. The use of a checklist will give you questions and references you need to ask yourself each time you identify risk. Also a checklist gives you years of expertise and knowledge developed by others in your business. Finally, everytime you are in the process of identification of risk, the checklist will give you peace of mind that you are not forgetting anything. Until next time be careful out there and know your risks!   K

In previous posts I discussed  Enterprise Risk Management and having to apply a process to determine risk in all phases of your business . What is this process? It is a 5 step approach to help businesses keep risk under wraps. The risk management process is 1) Identification  2) Analysis  3) Control   4)Finance  5) Administration. I will go over each step in future posts. In the meantime become familair with the steps by doing some research on the web. There is tons of information out there. Until next time be careful out there and know your risks. K