Risk Management

Risk management is a structured approach to managing uncertainty and includes actions taken to:

  • identify;
  • assess;
  • monitor; and
  • reduce the impact of risks to your business.

Risks are events, situations or circumstances which lead to negative consequences for your business.

A good risk management plan with appropriate risk management strategies can minimise costly and stressful problems, and may also reduce insurance claims and premiums.

Download the Risk Analysis Matrix  (2-page Word doc 72 KB) for examples of the different types of risks your business might encounter.

Risk management plan

A risk management plan:

  1. describes the potential risks;
  2. contains an analysis of the impact of each risk; and
  3. includes risk strategies to help the business reduce the consequences if the event occurs.

Your risk management plans should be regularly reviewed to ensure they accurately reflect current potential risks to the business.

Read the Risk Management Plan for an easy step-by-step guide to developing your own.

For additional information about risk management planning:

What's next...

  • Call 13 12 49 to speak to an SBDC adviser.
  • Learn more about the related area of business continuity planning to prepare your business for unexpected events.
  • If you are a member of an industry group or association, contact them about recommended insurers that specialise in your field. An industry group or association may also provide discounts or insurance offers for members.

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