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Risk management

Risk is the chance of something happening to your business that causes harm to people, property, or profits.

Risks can be based on:

  • Opportunity – risk from choosing one option over other options
  • Uncertainty – risk from uncertain events such as natural disasters or loss of suppliers
  • Hazards – risk from dangerous materials or actions
  • Scams – risk from people who trick you into paying for false goods or services
  • Fraud – risk from people who gain by misleading you or stealing your identity
Risk management involves identifying risks to your business, the potential likelihood and damage, and ways to reduce or remove them.
Risk management is an important step as quality risk management can help you to create a stability within your business by preparing for events that may negatively affect your business.
Before you can act to reduce risk in your business, you need to work out what the risks are. You also need to work out which ones are most urgent.

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If you need any assistance, please call 1300 142 820 for information relating to small business or visit our contact page for more information.