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The purpose of undertaking risk audits is to try and identify, record, measure, analyze and report the range of risks which may be present in a specific situation. Risk reporting is very specific to any given situation or event. Risk management assessments will differ for an organization can range from quite simple for a planned one-off event, or more complex if a company is trying to assess risks from conducting a series of programs and events which take place over a long period of time.
Starting, operating and managing a company or organization invariably comes with its own set of business risks. However, if owners and senior managers understand the risks involved and can identify industry risks relating to their particular market sector, a risk management plan can be developed to prepare the business for future unforeseen circumstances.
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