Risk management in business is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These risks come from variety of sources including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. The goal of risk management is to minimize negative impacts on business objectives and to maximize the achievement of its objectives. This typically involves creating a systematic plan for analyzing and mitigating risks, including regular risk assessments and the implementation of control procedures.

Risk management can be done by a single person or a team within a business, depending on the size and complexity of the organization. For small businesses, the owner or manager may be able to handle risk management on their own. For larger businesses, it is often more effective to have a dedicated risk management team, or to involve different departments in the risk management process to ensure all relevant risks are considered.

Regardless of the size of your business, it is important to have a structured approach to risk management. This can include documenting your risk management process, regularly reviewing and updating your risk management plan, and involving relevant stakeholders in the risk assessment and control process.

There is also the option to seek professional help from external consultants or specialized risk management firms, who can provide expert guidance and support in identifying, assessing and managing risks in your business.