Managing risk is one of the crucial factors within a business and has many legal consequences. It is the process that involves the identification of the risk and then managing that risk by formulating different strategies and later, implementing them, which would help in either complete disposal of the risk or minimizing the loss due to the risk. The main goal of this process is to keep the companies and their businesses away from risks which can prove to be harmful to the company. It can include any sort of expected or unexpected misfortune which is there in any business, regardless of what category it is. In today’s quick paced business environment, where competition is turning out to be so severe, each organization is attempting to advance beyond the other organization, make more profit than the other organization. No company wants to be in second place in the competition, in that kind of situation, a potential risk can destroy or damage your chances of progress by lowering y