Writing a Risk Management Plan

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A risk management plan is critical towards a company's business development, as it is a part of the business plan that details the risks of the business. Detail financial risks and risks about a customer base with help from an experienced businessman in this free video on planning a business.

Part of the Video Series: Business Plans
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Video Transcript

Hi, my name is John Niemira, and I wanted to talk to you about writing a risk management plan. Risk management plan is critical to your business development. Risk management is part of your business plan, one subsection of your business plan. The risk management wants to detail what the risks are in your business -- your specific type of business. What can happen, what changes, and what are you risking? Whether it's financial and the rates change or your funder changes or the funding company goes out of business -- whatever the risk is on that section -- your customer base, what the risk is there. Do your customers change? Do you need to get new customers all the time? That's what you want to detail in your risk plan. You also want to look at potential new customers. What happens if your current customers either change or the company that you're working with goes out of business? You want to risk...look at the risk of your suppliers. If you're purchasing equipment or raw materials from a supplier, what if you can no longer get those supplies? Where else are you going to go? Political systems -- if you are importing and exporting and you're importing from a different country, you want to find out the political risks that are involved. So make sure you consider all the risks -- everything that could potentially happen to your business. If you need any more information on this subject or any other subject in the business field, my email address is jniemira@gmail.com.

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