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Defining Risk Management
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Businesses face many risks; therefore, risk management should be a central part of any business' strategic management.
Risk management helps you to identify and address the risks facing your business and in doing so increase the likelihood of successfully achieving your businesses objectives.
Risk Management Process Involves
Risk management becomes even more important if your business decides to try something new, for example launch a new product or enter new markets. Competitors following you into these markets, or breakthroughs in technology which make your product redundant, are two risks you may want to consider in cases such as these.