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How do I create a risk management plan for my business?
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1. Identify the risks: Start by taking a look at the different sources of risk to your business, such as financial risks, operational risks, human resources risks, etc.
2. Assess the risks: Once you have identified the risks, assess the likelihood and potential impact of each risk.
3. Develop a strategy: Based on the risks that you’ve identified and assessed, come up with strategies to mitigate the risks.
4. Establish procedures: Determine the procedures you will follow in order to implement the risk management strategies.
5. Monitor progress: Finally, ensure that you monitor the progress of your risk management plan on a regular basis.