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A Risk Statement is a summary of the potential risks for the proposed project. A Risk Statement does not necessarily need to be written. Some entities will allow you to create your Risk Statement. It is always preferable to ensure that you have worked out all the risks that are involved in the project and even though you may not be required to write one, it can help to capture all the critical information.
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You must keep to a cautious approach when compiling a Risk Statement. Do not go into a proposal with full knowledge of all the risks that exist. A company should maintain an open mind to all possibilities and should refrain from any overzealous approach to the risk that it may bring about.
One of the most important things that you need to understand when compiling a Risk Statement is the importance of being able to quantify the risks that you face. The most common way to do this is to quantify the safety risks and document them using mathematical functions. This will then allow you to determine the costs of this risk and how to lessen the risk of them occurring.
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Cost is another important part of allocating costs to risks. It is important to keep track of your costs from the risk of an accident to the risk of not meeting deadlines. This will enable you to prepare a more detailed financial analysis that can be used to negotiate with the bank and other institutions. Any difference between these two risks will help you decide on what to include and what to leave out.
Another factor that is important to consider is the investment activity that is expected from a project. The kind of investment activity that you have available to you and the interest rate that you are likely to be offered will depend on how you organize your Risk Statement.
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Insurance, for example, is generally considered as an investment activity. The Investment and Risk Statement will need to include the type of insurance that you are likely to get. For example, the kinds of risks that you are likely to face in the production of the various components in the project are taken into account. If you expect the insurance premium to be higher than the average of the cost of the components, you will want to include this information in your Risk Statement.
These are just some of the different risks that you will need to be aware of in preparing a Risk Statement. It will be important to keep up to date with the latest developments that are related to these risks and to assess them against the current state of your business.
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