Your risk management plan should detail your strategy for dealing with risks specific to your business. You won’t be able to prepare for all of them, but preparing a risk management plan involves a common process that you can learn from to respond to any incident. Types of risk vary from business to business. By understanding potential risks to your business and finding ways to minimise their impacts, you will help your business recover quickly if an incident occurs. A risk management plan and a business impact analysis are important parts of your business continuity plan.
The process of identifying risks, assessing risks and developing strategies to manage risks is known as risk management and mitigation.
