What are the key components of business risk management?
An example of an AI chatbot conversation about business risk management strategies.
What are the key components of business risk management?
The key components include risk identification, risk assessment, risk mitigation, and monitoring.
Can you explain risk assessment in more detail?
Risk assessment involves analyzing potential risks and their impact on the business, prioritizing them based on severity.
What strategies can I use for risk mitigation?
Common strategies include risk avoidance, risk reduction, risk sharing, and risk acceptance.
How often should I review my risk management plan?
It's advisable to review your risk management plan at least annually or whenever significant changes occur in your business.
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