What is Risk Management?
Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. It is more than just buying insurance.
Risk Management Considerations
Crime and Security
Business Continuity & Interruption
RISK MANAGEMENT PROCESS
1. Identify Risk
The first step in risk management is to quantify the potential for losses in your business. After identifying potential risk the appropriate action (or inaction) is taken to establish risk tolerance based on your business objectives.
2. Assess Risk
The Cannabis Industry presents many challenges. Therefore, it is important to consider your risk at every level of your business. At Green Life Consulting, we help you assess your risk by examining all aspects of your business before we make any recommendations.
3. Control Risk
Once your risk is assessed the next step is to control the risk. Not doing due diligence with controlling risk will wreak havoc on your business. Green life Consulting practice risk management by diversifying coverage in ways to minimize the exposure of risk.
4. Review Controls
Identifying, assessing, and controlling risk all help to ensure limited risk exposure; however, reviewing controls help to maintain an applicable and effective plan.