Identify Risks: List all potential risks that could impact the business. Engage with stakeholders to ensure all perspectives are considered. Analyze Risks: Evaluate the likelihood and potential impact of each risk. Tools like a SWOT analysis can be helpful. Prioritize Risks: Determine which risks are most critical based on their likelihood and impact. This helps focus resources on the most significant threats. Develop Mitigation Strategies: Create action plans to address high-priority risks. This might include diversifying revenue streams, securing insurance, or implementing contingency plans. Monitor and Review: Regularly review and update the risk assessment to account for new risks and changes in the business environment.