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Managing Business Risk

Risk management is an insurance for small business owners. Here are 4 steps to manage risks in your business.

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Managing Business Risk

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  1. MANAGING BUSINESS RISK IDENTIFY YOUR RISKS Take some time to identify of the following risks your business faces: economic, compliance, security & fraud, financial, reputation, operational or competition risk. PRIORITIZE YOUR RISKS Take some time to write all of your business activities down and identifying the risk level of each, prioritizing those which carry the most risk. ASSIGN CLEAR ROLES Delegation is important when running a business. It’s important to clearly state which team members are responsible for managing which risks. CONTAIN THE RISK Some risks cannot be avoided or prevented. Companies can choose to contain said risks while putting up safety nets. EDMONTON OFFICE 10665 Jasper Avenue, Suite1400 Edmonton, AB, T5J 3S9 CALGARY OFFICE 500 4th Avenue SW, Suite 2500 Calgary, AB, T2P 2V6 TORONTO OFFICE 151 Yonge Street, 11th Floor Toronto ON, M5C 2W7 VANCOUVER OFFICE 885 W Georgia Street, Suite 1500 Vancouver, BC V6C 3E8 Visit: www.cerberusconsultingltd.com

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