Accept, Avoid, Reduce and Transfer your Business Risk #GreatMinds

Entrepreneurs face business risks in whatever they do – new product development, manufacturing, marketing/selling, profit-making, wealth creation, and managing growth. It is therefore imperative that they institute an effective risk management system. All key executives in the organization should be advised to include risk as an agenda item in all important meetings, maintain a risk log, and take proactive steps to accept risk, avoid risk, reduce risk, and transfer risk (to an insurance company or a third party) – whenever and wherever possible.

Here’s what Gary Cohn, American Banker and Vice-chairman of IBM, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.