Risk assessment is the strategic and periodic study to identify potential hazards for a business, enabling proactive measures to mitigate risks before they materialize.
A good risk assessment addresses the nature of the risk, the reasons behind it, the likelihood of its occurrence, and the potential impact if it does.
Understanding the legal implications, such as GDPR compliance, emphasizes the importance of risk assessment in today's interconnected business environment.
With the ever-growing landscape of risks, ranging from cyber threats to natural disasters, businesses must prioritize risk assessments as part of their operational strategy.
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