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Strategic risk
Compliance & legal risk
A company should decide whether it is ready for the risk or not after the assessment and evaluation of the risk.
After assessing the impact of risk on the business/ company, you can control the risk, mitigate the risk, and write steps to prepare yourself and your team to handle the risk.
Risk Mitigation
Decide and plan with your team on how to handle risk or minimize it. After identifying the risk and its impact, you need to plan how to safeguard your business from the risk and its effect. This is possible with the help of risk mitigation, which includes:
You should have a detailed understanding of the following things while framing a risk management plan
You should assume (or identify) the risk and accept it as it cannot be avoided. This involves analysing the following:
. Effects of risk in term of time and cost
. Monetary losses due to risk
Risk Management Course – Professors
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