How do you identify assess and manage commercial risks?

To identify commercial risks, conduct thorough market research and analyze financial data to pinpoint potential threats, such as changes in consumer behavior or economic fluctuations. Assess these risks by evaluating their likelihood and potential impact on the business through risk assessments and scenario analysis. Management involves developing mitigation strategies, such as diversifying product offerings, securing insurance, or creating contingency plans, to minimize the effects of identified risks. Regularly review and update risk management strategies to adapt to changing market conditions.