Starting, operating and managing a company or organization invariably comes with it s own set of business risks . However, if o wners and senior managers understand the risks involved and can identify industry risks relating to their particular market sector , a risk management plan can be developed to prepare the business for future unforeseen circumstances. What are the different types of business risks ? Whatever kind of business you are in, there are always inherent risks . Risks can pres ent themselves in various different formats so it’s important to understand the industry risks which pose a threat to your business so they can be minimized and where possible, eliminated through the implementation of a risk management plan . Strategic risk - affected or created by an organizations business strategy and objectives . Compliance risk – failure to act in accordance with industry laws and regulations,