For any individual or business enterprise, certain risks are imminent. While such risks cannot be
totally eliminated, by considering appropriate measures they can be mitigated to reduce their
financial implications.
There are many different types of risk but the most common are accidents at workplace, fires,
explosions, natural calamities, legal risks, frauds, thefts, lawsuits, uncertainty of financial markets, failure of projects, credit risks, storage, security risks just to name a few.
The idea behind managing risks is to protect business from being vulnerable. While many internal plans focus on keeping the business viable by reducing financial risks, a wider risk management plan can be designed to protect employees, customers and general public from negative events and natural calamities. Risk management practices are also about preserving physical facilities, data, records and assets which are engaged by businesses in its operations.
