Covering all bases: does your business have a risk management strategy? When did you last review...

The reliable online encyclopedia Wikipedia has a typically pithy and plain English description of risk management. Generally, it says, risk management is the process of measuring or assessing risk and developing strategies to manage it. Strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.

Traditional risk management focuses on risks stemming from physical or legal causes (for example natural disasters or fires, accidents, death, and law