RISK MANAGEMENT
RISK MANAGEMENT To learn about the steps of the risk management process Key Learnings from the Video 1. Risk Context For the proper management of risk, you should understand the context of the risk involved. Different businesses have different risks depending on various factors and operations. For example, the risk factors for a flower shop are the short lifespan of flowers, logistics management, delivery of stocks on time, stock to be sold on the same day, and consumable inventory. 2. Risk Analysis and Consequences Identify the risks and determine how it can harm the company/business. Risk analysis is all about developing an understanding of the upcoming risk by knowing: a. Type of risk b. Impact of risk c. Time of risk d. Risk is positive or negative e. Risk is economic or financial f. Stock market risk g. Whether the risk is hampering operations h. Whether the risk is the outcome of strategy opted You should analyse the risk, measure its intensit...