Any activity or action that causes loss in business is called risk and the process of the identification, assessment, and prioritization of risks is known as Risk management.
Steps to identify the risks may include:
- Identify either it is from individuals or organizations, illness, death, etc.
- Identify disruption to supplies and operations, loss of access to essential assets, failures in distribution.
- Try to identify that risk is because of business failure, stock market, interest rates, unemployment.
- Is risk because of advances in technology, technical failure.
- Identify changes in tax regimes, public opinion, government policy, foreign influence