Risk assessment- How to go about it?

There is not even an iota of doubt to the fact that every business irrespective of its size and budget involves risk. Thus, in order to prevent those risks, firstly it is important to detect them. This job can be accomplished using the risk assessment approach. If you have a small business and do not wish to appoint a full time expert consultant, even you can perform the assessment task. However, you need to be very cautious at each and every step. Firstly you have to list all the possible threats involved in the project, which would not be easy at all as you would have to analyze the project from every angle. Also, note down how and what damages can occur in different situations. After assessing the risks, plan some precautions which can avoid the unwanted crises or reduce the damage.