Colin John Latham Helps Identify and Manage Business Risk
Colin John Latham states that risk management has become popular among businesses because the economy isn’t as strong as it was prior 2008. In the economic environment, an unexpected surprise can destroy your business if you didn’t have a risk management strategy. External links that include politics, weather, interest rates, and exchange rates, are out of control but their impact can be limited. Internal risks are in your control, on the contrary, and include non-compliances, breaches, lack of insurance, and much more. Colin John Latham says that the very first step in creating a risk management plan is to prioritize risks or threats. You can do it by using a universal scale based on threats that are – - Likely to occur - Has some chances of occurrence - Small chance of occurrence - And very little chance of occurrence But on an obvious note, a risk that falls into the top category should take priority over the ot