- Irrespective of the size of your business, it is essential to have risk management strategies, as there is a need to adopt the pertinent measures to mitigate risk situations and ensure your business can continue trading in the event a claim for compensation is received.
- Risk management also encompasses numerous other risks that cannot be insured, such as a competitor’s movements on the market or the sudden appearance of a new technology. The inclusion of risk management activities in your business plan may improve your company’s efficiency and its ability to respond.
- The management of risks and insurance helps to improve commercial operations.
- According to this standard, risk management does not focus solely on protecting the value the organisation creates, as it also addresses its current value creation process”.
