A risk to the product is something that every company faces, may it be a startup or a large established company. Risk management is something how the company or the firm tackles the risk.Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives.
Risk management is done to
– Identify possible Risks.
– Reduce the Risk.
– Provide a rational basis for a better decision making regarding the risk.
– And then plan Accordingly.