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Risk management is an integral part of good management practice. It involves eliminating or reducing the chance of harm to people, property or the business (financial, reputation etc). It should be applied to any situation where an undesired or unexpected outcome could be significant.

This article also includes:

  • The benefits of risk management
  • Four step risk management process
  • Determining the level of risk
  • Contingency planning
  • Monitor and review risks & risk management regularly

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