STRATEGIES OF BUSINESS RISK MITIGATION AND MANAGEMENT: A QUANTITATIVE PERSPECTIVE

Abstract

While, there are numerous small and large scale businesses which largely influence the economy of nations, but there risk mitigation and management is very little known and therefore, has received a very limited attention. In our day to day lives, we continuously manage risks both at work and also in our personal lives. Therefore, certainly there are many business organisations that also have risks which are unique to their environment. The present research work is, going to first identify business risks, analyse them and evaluate their potential likelihood and impact. This study is going, to eventually show us that, long term goal of risk management and mitigation strategy affect businesses supply chain performance and their long term sustainability. There are several tactics and strategies that will bring risk levels to a tolerable level in the business. It will help us realise exactly, what kind of risks our businesses are facing, and the mentioned strategies are unique to business continuity and disaster recovery. In addition, the strategies utilised to manage risk are a powerful stimulus to get the business management thinking. The present study at the end, recommends proper risk mitigation planning. The researcher had considered people from different business sector to know the strategies of business risk mitigation and management and found that Organisations document their risk management policies and processes , Risk mitigation counter measures and decreasing the effect of uncertain consequences and Businesses passes or move the risk consequences to third party or an entity.