Elements of Risk Management (Leaving Cert Business): Flashcards

Possibility of something harmful/undesirable happening

Systematic & planned approach to handle business risks

Tech, production, staff, premises, financial, compliance, strategic

Negative cash flow & bad debts

Assess risks by plotting probability & severity

Probability (likelihood) & severity (impact)

Not accepting a risk & eliminating it entirely

Reducing risk likelihood or minimizing its impact

Prevents incidents damaging trust & business reputation

Enables calculated risks & pursuing new opportunities