IDENTIFYING AND REDUCING RISK
To a greater or lesser extent, there is risk associated with almost any activity. Risks may be categorised as financial, legal, or safety related. In whichever form it appears, risk is detrimental to business and should therefore be minimised wherever possible. Large businesses will typically take specific advice from legal professionals who will identify and analyse risk, before constructing a strategy of how to mitigate that risk, and what to do in the event of something happening. Registered compliance agencies exist here in the UK that offer services such as risk management and enterprise risk management. Risk management is a process that identifies risks associated with a particular business, determining the cause and effects of that risk, and then implementing a course of action to mitigate it. Identification of business risk can be a complex task, and often involves existential factors. After identification and analysis, a projection of business losses can be calculated to de