What is Risk Analysis?
Financial Risk Analysis involves:
1. Identify what the risks are
2. Quantifying the financial exposure of the risks, and
3. Analysing the available insurance contracts to ensure the most suitable and comprehensive protection against the risks is achieved.
This analysis needs to be done in both the business and personal environment.
An important ingredient to Risk Management Planning is that it is never static and therefore proper monitoring is essential to ensure the plan implemented initially is reviewed and changed to suit current needs and circumstances.