“We can’t direct the wind, but we can adjust the sails.”
– Thomas S. Monson
Business owners and entrepreneurs know that the importance of risk assessments and this point cannot be understated. While it may be impossible to predict the future, it is very possible to prepare for it with a balance risk framework. whatever it may, or may not, bring . At its core, a risk assessment is the process of identifying potential hazards (circumstances that negatively affect individuals, assets, data, processes, or the environment) and analyzing what could happen should a particular event occur.
Putting controls into place to prevent, detect, and correct each potential key risk is integral key to an organization’s long-term success and maintaining an appropriate risk culture.
There are a variety of ways to identity and design controls to protect your business through an effective risk management strategy. These include: