Tag: Risk Management Plan

In a modern and dynamic Business environment, small and medium-sized business entities are exposed to many challenges that might affect the organisation. It is out of the question that another critical challenge that needs to be addressed for the system's sustainability is the risks attendant to the structure's operations. When handled poorly, some threats may pose a direct risk to human resources, brand image, and business viability.  Nonetheless, developing an effective and well-coordinated risk management program or strategy appropriate for successfully managing risks effectively in an SMB is not easy. A Small Business gets guidance from the IT Support Marquette team on formulating the best risk management plan.

This article will identify the process of developing an effective risk management plan that will address the needs of SMBs.

What is Risk Management?

Therefore, risk management entails identifying, evaluating and categorising potential risks in an organisation's operations. It refers to their formulation and functional deployment to manage these risks and their effects on the organisation. Small and medium-sized businesses require a risk management plan to ensure they are equipped with knowledge of major threats and how to handle them.

Knowing the risks in an SMB's industry or market, the SMB can develop an objective-based risk management plan that entails risk identification, assessment, control, and response plans. This plan... Read More