Risk assessments to safeguard children and staff are a fundamental part of nursery life. But managing business risk should also be an integral part of strategic management. The effectiveness of this process is often tested in periods of economic downturn, so now is a good time to review your plan.
What is managing risk?
Risk is defined as the probability of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing events that are identified as significant business threats.
Types of risk
These could include:
- Financial - for example, lower income due to reduced demand for nursery places or increased charges on a business loan
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