Risk Assessment and Management in Business

Abstract

The constantly changing world continues to produce a variety of innovations.   Most innovations encountered today result in a higher level of economic development in the world for which the role of business is crucial. Furthermore, it is business that leads a country to economic strength and sustainability.  However, businesses face risks and complications. Hence the need for risk management for prevention of anticipated complications.

  This article discusses the features of risk management in small, medium-sized and larger enterprises with a further research focus on modern tendency, insurance mechanisms, and risk reduction methods.