Assessing the company for risks in different sectors like physical, legal, monetary and taking action accordingly.
Risk management is the process of taking measures to protect the company from possible risks. A risk assessment helps bring to light the issues and their criticality and then prioritising them in the order of urgency. Taking small initiatives and making small changes to minimize the risks is crucial or not addressing the issue right away, it all depends on if the measures will benefit in the long run. Sometimes the risks can also be legal in nature, for example lawsuits or liabilities. These too need to be fixed.
The organisations which have possibilities of tangible, physical damages, like those in research & development or industrial processes really need to keep their employees safe by providing them with the proper safety equipment.
Risk management is an ongoing process where assessments need to happen at certain intervals.