Contracts

A well-crafted contract outlines the risks and the desired outcome. Each party should understand the risk that is being assumed or transferred. Contracts are important, but they are a first step in risk management, since any contract can be challenged.

Education

Educating stakeholders (staff, vendors, subcontractors) can reduce risk. Education and training should be continuous and specific to the risks each business faces.

Insurance

Insurance provides protection against the possibility of a large, unplanned expense, such as a claim of negligence, a lawsuit for bodily injury, or a ransomware demand.