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Risk management is an issue that requires significant consideration for any business. Identifying potential risks, and implementing procedures to reduce and manage these risks will ensure that if such incidents were to occur, the effects and impact to your business and its operations will be minimal. Developing a risk management plan will assist in addressing the various risk factors that many businesses face.

Some risks to consider include:

• Security of your web site and online transactions
• Theft of your products or business assets
• Financial risks, such as managing payments and expenses
• Your ability to provide products and services to customers
• Changes in the industry and market, eg. regulation, new competitors

Some methods of managing various risks include:

• Developing and implementing various plans, policies and procedures
• Ensuring a high level of security is implemented and practices
• Obtaining adequate insurance to cover the damage that such risks may cause

For further information on website security, refer to e-business security.