Risk Management in Business Planning

Develop a comprehensive strategy for risk management in a business plan focused on [specific industry or business type]. Begin by identifying potential internal and external risks, categorizing them based on their likelihood and impact. Next, assess each risk to determine its severity and prioritize them for action. Devise appropriate mitigation techniques, including contingency plans, to minimize or eliminate these risks. Provide a step-by-step implementation plan with timelines and assign responsibilities to team members. Include methods to continuously monitor and review risks and adjust strategies as necessary. Tailor your approach for a business with [size of business: small, medium, or large] and [specific goals or constraints].