Have you ever experienced a serious company setback and then thought: I could feel that coming. Or, If I knew that risk was out there, I would have done x, y and z to prevent it. Well, risk assessment and mitigation is the process by which you identify systematically the key risks your company is facing, decide whether the risk can be reduced, and put in place actions to do so.
Right off the bat, you may be wondering what type of risks I have in mind. Some might logically jump right to operational kinds of risks, which are perhaps the easiest to identify. However I am talking about all kinds of risks that could have a significant impact on your business.