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Operating a business comes along with numerous different kinds of risk. Many of those possible hazards can ruin a business while others may lead to significant harm which can be expensive and take time to fix. When conducting a business, one needs to be well aware of the disastrous failure companies experience if they do not practice risk management. If and when a threat becomes a reality, a cautious business can decrease the effect on their revenue or the lost time and productivity, and the adverse effect on customers. For instance, a company suffering a loss because of a fire was spared from spending money from its own pockets to cover the harm done to its property, only due to the proper amount of coverage. For startup businesses and settled organizations, strategic business planning rests in the fact that they foresee risks and take remedial measures. There is always an element of risk involved in everything we do. Risk is generally defined as the likelihood of an unexpecte