5 Steps of the Risk Management Process | Risk management plan

×GetadviceResearch&ArticlesAllCategoriesForVendorsAboutUsForfreesoftwareadvice,callusnow!855-998-8505Research&ArticlesAllCategoriesForVendorsAboutUsGetadvice—it'sfreeFollowthe5StepsoftheRiskManagementProcesstoBuildaPlanforYourBusinessBy:OliviaMontgomery,PMPonOctober9,2020FEMAreportsthat40to60%ofsmallbusinessesneverreopentheirdoorsafteranaturaldisaster.AppRiver’sCyberthreatIndexofBusinessSurveyreportsthat48%ofsmalltomidsizebusinessessayamajordatabreachwouldlikelyshutdowntheirbusinesspermanently.Scarystuff.Butifyou’reprepared,you’renotdoomed.Astrongriskmanagementplancanhelpyourbusinessmitigateandplanforsuchrisksandkeepyouontheotherendofthosestatistics.Andyoudon’tneedtobestressedaboutcreatingthisplan.Theriskmanagementprocessdoesn’tnecessarilyneedtobeconductedbyariskmanageroranexpensiveriskmanagementconsultant.Youcancreateaninformedandstrongplanbyfollowingthestepswe’lloutlinebelow.Inthisarticle,we’llgooverthefivestepsoftheriskmanagementprocessandexplainthepurposeofeach,offerquestionstoaskyourselftogetstarted,andsharetips.Thisisahigh-leveloverview,intendedtohelpyoucreateasimpleriskmanagementplanforyoursmallbusiness.Note:Riskmanagementcangetextremelycomplexwithexercisessuchasadvancedimpactcalculationsandin-depthroot-causeanalysis.Ifyouhavealargerbusinesses,areinahigh-riskindustrysuchasfinance,orareapublicly-heldcompany,youmayneedanenterpriseriskmanagementsoftwaresolutiontomanageamatureriskmanagementstrategy.Whatisriskmanagement?Beforewediveintotheprocess,let’stakeastepbackanddefineriskmanagement:Riskmanagementistheactofidentifying,evaluating,planningfor,andthenultimatelyrespondingtothreatstoyourbusiness.Thegoalistobepreparedforwhatmayhappenandhaveaplaninplacetoreactappropriately.Ifyou’renewtoriskmanagementpracticesorfeellikeyouneedarefresher,werecommendcheckingout“WhyRiskManagementIsImportantandHowSoftwareCanHelp.”Init,weexplainexactlywhatariskmanagementplanisandtakeyouthroughanexampleofabusinessownerdevelopingariskregisterandplan.Whatarethefivestepsoftheriskmanagementpro

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