Since the future is unknown, the range of bad things that can happen to your business – from very small to very large – is also unknown. What do you do about this? Roll up in a ball on the floor and cry? No. You take action. You manage your risk.
What is Risk Management? A common misconception among those that have ever pondered the phrase is that Risk Management is insurance. But that is not the case. The truth is that Risk Management does often involve insurance. It is, however, larger than insurance and involves certain ways of thinking, processes, and procedures.