Question

A broker is concerned about the potential for litigation as a result of actions his licensees may take. He's implementing a risk management plan to reduce the level of risk his firm faces. What's the first step he should take

Answer 1

A broker first step should take, to identify the risk.

What is risk management?

The process of discovering, evaluating, and controlling risks to an organization's resources and profits is known as risk management.

The risk management process is made up of five fundamental processes that are used to control risk. It starts with identify the risk, analyze the risk, prioritize the risk, treat the risk, monitor the risk.

Hence, the significance of the risk management is aforementioned.

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