This document discusses the importance of implementing a risk management process for businesses. It explains that risk management involves identifying, assessing, and prioritizing potential risks in order to develop strategies to handle risks in a coordinated and cost-effective manner. Some key risks businesses face include financial losses, property damage, and legal liability. The document argues that having appropriate insurance policies can help businesses mitigate risks and financial impacts. It provides an example of how Kohl's Department Store has successfully implemented risk management strategies to become a top retailer.