Risk management aims to manage uncertainty and includes actions taken to identify, assess, monitor and reduce the impact of risks to your business. A good risk management plan with appropriate risk management strategies can minimise costly and stressful problems, and may also reduce insurance claims and premiums. This step involves analysing the likelihood and consequences of each identified risk using the measures provided.
On the risk analysis matrix find the intersection of the likelihood and consequence ratings selected for the risk. You may already be doing all reasonable things to reduce the risk but it can’t be completely eliminated. The level and type of risk that you need to consider will vary with the type of business you operate.
Reputation: entails the threat to the reputation of the business due to the conduct of the entity as a whole, the viability of product or service, or the conduct of employees or other individuals associated with the business.
In the risk analysis matrix select the description that best describes the likelihood of the risk occurring (with existing control measures in place).
However, there are some common categories which you can use to guide your thinking and the development of your risk management plan. This category also extends to compliance with additional ‘rules’ such as policies, procedures or expectations, which may be set by contracts, customers or the social environment.

This extends from individual safety, to workplace safety, public safety and to the safety and appropriateness of products or services delivered by the business.
Rate the effectiveness of existing controls in preventing the risk from eventuating or minimising its impact should it occur. Go to the legend on the risk analysis matrix and find the risk priority corresponding to the risk rating determined above. Once the proposed controls are completed reassess the risk by conducting regular risk reviews – and reviewing the progress and effectiveness of your selected risk strategies.
Commercial: includes the risks associated with market placement, business growth, diversification and commercial success. Operational: covers the planning, operational activities, resources (including people) and support required within the operations of a business that result in the successful development and delivery of a product or service. In the risk analysis matrix select the description that best describes the consequences of the risk (with existing control measures in place).
It extends to internal operational projects, projects relating to business development, and external projects such as those undertaken for clients. Eliminate the risk by discontinuing the activity or removing the hazard such as not undertaking the activity that is likely to trigger the risk. Security: includes the overall security of the business premises, assets and people, and extends to security of information, intellectual property, and technology.

Through preventative maintenance, or quality assurance and management, change in business systems and processes. This extends to recognising the need for and the cost benefit associated with technology as part of a business development strategy. Learn more about risk management and develop a risk management process as part of your day-to-day operations. Even if the existing control measures are adequate you need to regularly review whether anything has changed which may impact on the risk issues you have identified.
Pay attention to risk warning signs, this may even be anything that concerns you about business finances. When you understand about potential risks, you can start developing risk minimisation strategies. From free Business Basics workshops to more specialised workshops and one-to-one advisory sessions, we can provide support – directly and through our partner organisations.

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