Module 8: Risk Management
Welcome
You’ve put your heart and soul into starting and running a business. Understanding the internal and external risks that could affect it is essential from a financial standpoint and a legal one.
After completing this module, you will be able to:
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- Identify the common risks associated with a small business.
- Identify the external and internal factors that may expose your business to risk.
- Identify situations that may cause risk for a small business.
- Identify common warning signs of risk for a small business.
- Implement, monitor and evaluate a risk management plan for your business.
What do you know about risk management?
Let’s start with a self-assessment to see where you are in understanding risk and the importance of risk management.
Read each statement below and select the number that corresponds with your level of confidence, level 1 (least) to 4 (most). There are no wrong answers.
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1. I can identify the common risks associated with a small business. |
1 |
2 |
3 |
4 |
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2. I can identify the external and internal factors that affect risk for a small business. |
1 |
2 |
3 |
4 |
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3. I can identify situations that may cause risk for a small business |
1 |
2 |
3 |
4 |
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4. I can identify the common warning signs of risk for a small business. |
1 |
2 |
3 |
4 |
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5. I can implement, monitor and evaluate a risk management plan for a small business. |
1 |
2 |
3 |
4 |