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Risk Identification is the First Step for Managing Risks

Technology companies have many options for managing risks. You can avoid, retain, transfer or exploit them, but first you must identify your risks.

Risk identification is a critical first step in determining exactly what is at risk. Risk can be categorized in first-party risk and third-party risk.

Before beginning your journey in risk identification, please remember the collection of information is the first step. Information about your risk can be best collected in your “asset-centric” business model. So it will be helpful to know your financial, physical, employee, supplier, customer and organizational assets. Also keep in mind your assets could be tangible and intangible or owned and non-owned.

This challenging economy brings increased risks and opportunities so remember to make a thorough review. For more information on how a TechAssure member can help you, please contact us at 512-377-9594, xt 700.

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