The risk management process can be daunting. The first step in this process, however, is to identify risks to your business. But how should you go about identifying risks to which your organization might be exposed?
For starters, brainstorm with your current employees. Collaboration with your staff can bring new perspective to the risks to your business. Also, observe a competitor’s operations to see how an organization in a similar industry manages its risks. Another option is to review trade magazines and journals to keep up on current issues and trends relevant for your organization. Yet another way to help in identifying risks is to attend professional workshops or educational seminars to learn from experts.