HOW TO MANAGE RISKS

We live in a world characterised by uncertainty. Many events may occur preventing you to achieve your business goal. Your business may indeed suffer physical and financial losses. It is why you need to manage risks to ensure that you prepare yourself on how to prevent them from happening and how to manage them efficiently. Most of the projects are conducted in the business environment and risks are unavoidable. They are essential elements of a business. They can be negative or positive and you need to manage them strategically.

Why do you need to manage risks? You need to manage risks to protect your business from loss to property due to fire, liability for damages due to changes in laws or frauds and loss to earnings such as the death or illness of the owner or injury to a person. There are risks you can control and others you cannot control. For example, you cannot predict risks due to inflation and natural catastrophe.