Frequently Asked Questions

Find answers to common questions about Bear Risk Management's services and policies.

What is business risk management?

Business Risk Management (BRM) is the process of identifying, assessing, and prioritizing risks that could affect a business's operations, objectives and working capital. BRM involves implementing strategies and measures to eliminate, mitigate the impact of these risks.

Why is business risk management important?

Business risk management is important because it helps businesses identify potential risks and develop strategies to eliminate or mitigate them. By proactively managing risks, businesses can protect their assets, reputation, and working capital. 

What are the key components of business risk management?

The key components of business risk management include risk identification, risk assessment, risk mitigation, and risk monitoring. These components work together to help businesses effectively eliminate or mitigate risks.

How can businesses identify and assess risks?

Businesses can identify and assess risks by conducting risk assessments, analyzing historical data, consulting with experts, considering potential scenarios, their likelihood of occurrence, and impact to your working capital. This helps businesses understand the nature and severity of risks they may face so that they may better prepare.

What are some common business risks?

Some common business risks include financial risks, operational risks, strategic risks, compliance risks, and reputational risks. These risks can vary depending on the industry and nature of the business.

How can businesses mitigate risks?

Businesses can mitigate risks by implementing risk management strategies, such as developing contingency plans, diversifying investments, implementing proven security measures, and regularly monitoring and evaluating your business risks.