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| Bruce Borup Photo Credit: Theinstitute.ieee.org |
The book Enterprise Risk Assessment and Business Impact Analysis shares that risk management can be defined as the process of identifying risks, the probability of its occurrence, and its impact on the business. The process is an important aspect of preparing for the future and something that affects how entrepreneurs or business managers make sound judgments and decisions.
Experts believe that understanding and taking calculated risks is important for a business to grow. The step enables companies to veer away from status quo and equilibrium, which, as entrepreneurs like Bruce Borup believe, should be challenged once in a while.
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| Bruce Borup Photo Cerdit: Jonnywalthall.wordpress.com |
The rewards of taking risks
Sustaining risk management has helped countless of companies reach high level of success. The book Managing Business Risk: A Practical Guide to Protecting your Business shares the story of how companies, like Toyota, took risks and managed to get by the tough competition in the industry through sustainable innovation.
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| Bruce Borup Photo Credit: Blueprintsforbiz.com |
Loss of profit and other unfortunate events are common probabilities in the business world. Thus, experts recommend business leaders to always take the worst-case scenario into consideration because only by doing so will the company be prepared for what’s about to come, when it comes.
Bruce Borup is the Director of GSC International. Visit BruceBorup.Livejournal.com for more about him.
