Risk management in your business!

When it comes to business, investment any venture that involves man and money etc. Their is always a risk that is attached to it. But ability to manage those risks amicably and clinically, gives us an edge to be successful in whatever initiative we crave to make profit end.

Do you apply risk management in your business initiative??

 

[Psalmsavatar]

Running a business comes with many types of risk. Some of these potential hazards can destroy a business, while others can cause serious damage that is costly and time-consuming to repair. Despite the risks implicit in doing business, CEOs and risk management officers can anticipate and prepare regardless of the size of their business.

Post automatically merged: Feb 1, 2021

Running a business comes with many types of risk. Some of these potential hazards can destroy a business, while others can cause serious damage that is costly and time-consuming to repair. Despite the risks implicit in doing business, CEOs and risk management officers can anticipate and prepare regardless of the size of their business.

 

[Doradorwa]

Risk in business is inevitable there is no way you'll be a business owner without running into risk. But to minimises you must go and get your business insured and I think that running a very tight management account and accurate check-and-balance account about how money are being spent.

 

[Oluwole]

Each business has is own ricks, in business management ricks is the first thing to consider, if you want to become successful in life you need to take rick. Successful business men or women took risks before they be able to make it in life. Face the rick and manage it.

 

[Sariana23]

Absolutely, because as you mention in your thread, "any company that involves men and money, etc. There is always a risk attributed to it" therefore you must have a risk management, well planned for those cases, which will always appear. The possible losses, the effects that this entails and the actions that must be taken to avoid or solve this situation must be evaluated.

 

[Yewande]

Risk management encompasses the identification, analysis, and response to risk factors that form part of the life of a business. Effective risk management means attempting to control, as much as possible, future outcomes by acting proactively rather than reactively. Therefore, effective risk management offers the potential to reduce both the possibility of a risk occurring and its potential impact.

 

[Shayo]

Risk management is a defensive strategy to prepare against the unexpected. It involves the process of identifying, evaluating and controlling risks.
Risks can be managed by avoidance which means not participating in things that can pose danger to the business.
It can also be managed by sharing risks, I.e insurance.

 

[Oluwole]

For you to become business owner you can't do away from rick in your business. You look at your income and expenditure, you must check and balance your account time to time to manage rick in your business, and also spend money wisely.

 

[Sincerem]

One of the very first thing to watch out for In business is risk management. It's good to take risks, in n fact, very better but one has to manage the risks very well, failure to do so can result in a huge loss which can collapse the whole company entirely. You don't always in, therefore some things have to be oh very looked, not taking risk sometimes is better.

Every business owner should take a precautionary guidelines in order to flourish on his or her business. Risk management is very essential and economical in anyone's business dream. every business owner needs to adapt to risk management method.

 

[Alexandoy]

When I wrote down my business plan for a retailing business I also have noted down all the potential problems that I could think of. Listed down, the potential problems has the possible preventive actions like sudden loss of customers or unexpected rise of prices of the supply. There is also the contingent action if the potential problem cannot be avoided, it is what you can do when the potential problem occurs. That is my style of risk management in the business.

 

[btaliat]

Business is a risk. And the best way to manage the risk is by starting with what we can afford to lose. And minimizing our cost so that we can maximize our profits. This is why it is not that advisable to be borrowing or obtaining loans for business.

 

[Nomad]

Whether you are doing knowingly or unknowingly, when you have a business you are always trying to cut expenses, minimize risky investment, manage bad debt, automate business management, etc. all of these activities are associated with risk management in business.

 

[Ralphjoe]

Risk management in businesses deals majorly on the financial aspect of a business, how a very important part of these company is very risky part of a business and how to manage it. Most investment carries very good amount of returns if the risk management of that business is well protected.

 

[Setho]

Yes as you rightly rightly pointed out, for a business to make breaking grounds, there has to be risk takings and since its risk it can also go south. Yes for my business's I employ a lot if risk management steps such as always evaluating the outcome of the business every month and trying to figure out what went wrong in order to foster a change.
In trading I also sell of the stock immediately I begin to make a loss that was unprecedented and don't see a way back up.

 

[Dorcey]

A risk can be defined as an event or circumstance that has a negative effect on your business, for example, the risk of having equipment or money stolen as a result of poor security procedures. Types of risk vary from business to business.

You must decide on how much risk you are prepared to take in your business. Some risks may be critical to your success; however, exposing your business to the wrong types of risk may be harmful.

 

[Psalmsavatar]

Business Risk management is a subset of risk management used to evaluate the business risks involved if any changes occur in the business operations, systems and process. It identifies, prioritizes and addresses the risk to minimize penalties from unexpected incidents, by keeping them on track.

 

[Kaindio Agnes Wanja]

When it comes to business, investment any venture that involves man and money etc. Their is always a risk that is attached to it. But ability to manage those risks amicably and clinically, gives us an edge to be successful in whatever initiative we crave to make profit end.

Do you apply risk management in your business initiative??

It is always good to apply risk management in every kind of business where it helps the business not to involve in highly occurring risks and whereby incase it occurs one can manage it effectively in order not to affect the business

 

[LaylaG]

The only risk management I know is when you are trading cryptocurrency or you are trading Forex that they always advise you to risk only what you can afford to lose in a particular trade I don't know any risk management in any business organisation, how does risk management in a business work.

 

[Sincerem]

It is always good to apply risk management in every kind of business where it helps the business not to involve in highly occurring risks and whereby incase it occurs one can manage it effectively in order not to affect the business

That's very correct, ability to manage risk means that we are really in for making a great business adventure. Any business owner with such attributes of managing any risk that comes before his business success has every tendency to make a successful business career.

 

[Hasan Raza]

As a business visionary you must be prepared to do how to acquaint a danger the board with your business in light of the fact that any business is with hazard. In my business I as a rule deal with a danger in which to make my business continue to exist and develops. Any one that needs to face challenge in a business can not work together effectively.

 

[Kamon c4]

Judging from the comments above, it’s obvious most people’s conception about risk management isn’t ideal. Managing risks doesn’t mean you shouldn’t engage in risk taking instead risk management is limiting the risk you’ll be exposed to and creating an alternative to failure. In a supposed 60/40 win and loss chances, risk management is very crucial here cause it’s best advised to do as much as possible to make sure the whole 40% doesn’t affect your investment or business. Therefore, risk management provides alternatives that’ll help minimize your loss