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Risk Management is crucial for SMEs

  • Writer: Boon Yao Tan
    Boon Yao Tan
  • Mar 3
  • 1 min read

Updated: Mar 13

Good risk management for SMEs involves identifying, assessing, and addressing potential threats to operations or financial stability.

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3 tips of risk management of SMEs


  1. Identify Risks: Assess potential financial, operational, and reputational risks impacting your business.


  2. Prioritize Risks: Evaluate and prioritize risks based on their likelihood and impact, focusing on high-impact ones.


  3. Develop a Risk Management Plan: Formulate strategies to mitigate risks, including preventive measures, response strategies, and recovery plans.

 
 
 

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