Successfully managing any type of business or organization can be risky and challenging. While some potential risks can be quite expensive and time-consuming when it comes to necessary repairs or damage control, others can literally destroy a business. While risk is the leading cause of uncertainty in any organization, a solid risk management plan can help minimize any damage should potential risks occur. There are six simple steps in the risk management process: identify risks; analyze risks; control risks; monitor these risks; improve risk management; and report progress. The first of six steps is to identify the risks associated with your organization. These risks can be both internal and external: economic; environmental; Risk managers must only accept risks that have been adequately assessed and all relevant factors considered (Connor, 2010). Once a manager has arrived at this stage of the process, it is important to write a list of relevant questions to facilitate analysis. Assessments should consider the likelihood of a risk occurring and the consequences of the impact associated with the risk. Many will find it surprising that most of the risks are related to each other. Risks assessed as medium to high should undergo the risk mitigation and planning process, however, risks assessed lower may simply need to be monitored and monitored. At the end of this process, a manager should have an extensive list of risks ranked by probability and risk level. If corrective action makes sense, review all possible risk reduction, risk transfer, and insurance steps. An example of risk transfer is the contractual transfer of pure risk to another party (“Risk Transfer: A”). Ensure that the company is covered by adequate insurance for all types of events, mainly catastrophic events affecting the company, customer and supplier. It helps to visualize the result once the control is implemented. Sometimes when considering a control for one risk, you will introduce an assortment of others. At the conclusion of this process, there should be an understandable picture of all relevant risks, how they are related and how they can be appropriately managed. Monitoring risks simply means taking responsibility for those risks and related trends and behaviors (Krivkovich & Levy, 2013, p. 126). A manager will enforce the controls while team leaders will monitor, follow up, or modify those controls. An experienced risk manager understands the potential risks, the effects they have on the business and knows how to manage and monitor them appropriately according to the plan developed in phase three of the