2. Does all this talk
about business feel
risky?
Action can bring on
risk, but so can not
acting!
Good planning can
help a business
prepare for risks that
may arise.
Risk needs to be
predicted, understood,
and managed.
3. Risk 1: Supply Chain Risk
The Risk: Mitigation Tactic:
weather, infrastructure, supplier
business failure
1. Ensure good B2B relationships
2. Ensure good communication
3. Business interruption Insurance
4. Risk 2: Equipment Risk
The Risk: Mitigation Tactic:
Equipment breakdown
1. Good relationship with all equipment
suppliers
2. Good Initial training on proper equipment
usage
3. Maintenance records kept in a well marked
location
4. Regular equipment maintenance - on
someoneโs job description
5. Regular testing of critical equipment
6. Backup equipment(power failure)
7. Business Interruption Insurance
5. Risk 3: Technological Risk
The Risk: Mitigation Tactic:
Computer breakdown and internet
disruption
1. Use strong passwords
2. Data encryption
3. Have backup generator for
electrical disruption
6. Risk 4: Human Resources Risk
The Risk: Mitigation Tactic:
Inappropriate personnel behavior and
conduct
1. Strong Personnel Policy
2. Rigorous Hiring Practices
3. Strong employment or contract
documentation
7. Risk 5: Regulatory Risk
The Risk: Mitigation Tactic:
Changing government policies and
regulations
1. Stay up to date on the policies
within your sector
8. Risk 6: Food Safety Risk
The Risk: Mitigation Tactic:
Food recalls and contamination issues
1. HACCP plan rigorously followed
2. Continual training for staff
3. Tracking and Traceability system
10. Risk Management Process
Step 1: Identify
the Risk
1
Step 2: Analyze
the Risk
2
Step 3:
Evaluate or
Rank the Risk
3
Step 4: Treat
the Risk
4
Step 5: Monitor
and Review
the Risk
5
11. There is no such thing as ZERO
riskโฆbut you can reduce the
potential to tolerable risk
