Identifying and Managing Business Risks | Investopedia
If and when risk becomes reality, a well-prepared business can minimize the impact on earnings, lost time and productivity, and the negative impact on customers. For startup businesses and established organizations, the ability to identify which risks pose a threat to successful operations is a key component of strategic business planning. Business risks are identified using various methods, but each identifying strategy relies on a comprehensive analysis of specific business activities that could present challenges to the company. Under most business models, organizations face preventable, strategic, and external threats that can be managed through acceptance, transfer, reduction, or elimination.
