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The challenges facing companies today are constantly changing, and risk management is an important part of business success. Whilst insurance can allow you to transfer some risks to Insurers, many of a business’ greatest risk exposures can’t be insured. They can only be managed to minimise the likelihood of them occurring or minimise the impact.
Risk Management helps reduce or eliminate the risk of certain kinds of events happening or impact to the business. In essence, it is to build business resilience.
Traditional threats still need be to be managed, of course, but we now have to deal with developing risks such as cyber-crime as well as increasing litigation, employment law, reputation, contract requirements, IT and telecoms dependency, supply chain, and loss of key personnel.