Risk is always present in business. Any business ventures carry both a significant amount and diversity of risks. In many businesses and companies however, risk management is taken for granted. There is also a lack of understanding on what constitutes risk management.

In most cases, risk management is thought to be limited to just liability insurance. In reality, risk management can encompass a much broader business scope.

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All human activity involves risk. As such, great lengths are taken to monitor/minimize potential risk as well as monitor/maximize opportunities.

Risk management is the identification, assessment, and prioritization of risks, followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of mal-factors.

Yet even in risk managment, being a human activity in itself, there are areas prone to risks.

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