Litchfield Park, Arizona. Litchfield Park is a city in Maricopa County, Arizona, United States. It is twenty miles northwest of Phoenix. According to the 2010 census, the population of the city is 5,476. Contents.
Risk management is an important part of planning for businesses. The process of risk management is designed to reduce or eliminate the risk of certain kinds of events happening or having an impact on the business. Risk management is a process for identifying, assessing, and prioritizing risks of different kinds.
Definition. Risk management is the act of identifying and solving potential risks. A risk is defined as anything that has the potential to negatively affect a business or organization. Risk management is used by organizations and businesses to assess problems that either have or will occur. After the risks, the business or organization then takes steps to reduce the risk or eliminate it completely.