What do you understand the good concept and tools for risk management? How to manage risk as an entrepreneur? by TAN QIAOQIAN (TP070860)

What Is IT Risk Management? | ITPro ...

Risk management identifies, evaluates, and controls financial, legal, strategic, and security risks that affect an organization's earnings and capital. Threats could come from financial uncertainty, legal liabilities, strategic management errors, and natural disasters.(What Is Risk Management? | IBM, n.d.)


Risk management plans always begin by prioritizing risks and threats. Priority should be given to the top risks. There should be a plan in place to prevent, or at least mitigate, these risks. However, there is a catch. Risks that fall into the lower rung but present a higher financial risk should take priority. (Moskowitz, 2023)

Sustainable businesses require high reputations. Businesses depend on excellent customer service. It is important to test your products and services to ensure quality. Taking the time to test and analyze what you offer will enable you to adjust as necessary. Furthermore, consider evaluating your testing and analysis methods to take it a step further.(Moskowitz, 2023)


Reference:

What is Risk Management? | IBM. (n.d.). https://www.ibm.com/topics/risk-management#:~:text=Risk%20management%20is%20the%20process,an%20organization's%20capital%20and%20earnings.

Moskowitz, D. (2023, May 4). Top ways to manage business risks. Investopedia. https://www.investopedia.com/articles/personal-finance/072315/top-ways-manage-business-risks.asp

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