A Business Risk Assessment is the process of identifying and evaluating potential risks that can affect the company's well-being. The purpose of this process is to find prospective business hazards and develop strategies that will help to avoid them and cope with them.
It might look like only big companies need a risk assessment since they have larger assets to lose, however, this is not true. A Small Business Risk Assessment helps owners of small companies to determine the potential hazards that can possibly damage their business and slow down the development of their company.
Generally, a risk assessment can be conducted by an employee of the company, or by a consultant specially hired for this purpose. It can be performed at different stages of the company development, or even when an individual is only planning to start a business. Completing a risk assessment can be overwhelming and rather stressful, so if you want to make certain you did not miss anything important you can use our Business Risk Assessment template which can be downloaded below.
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