What is the primary focus of risk management in commercial property?

The primary focus of risk management in commercial property is systematically identifying and managing risks. This approach emphasizes a structured method to recognize potential threats, evaluate their impact, and implement strategies to mitigate or control them effectively. The goal is to create a proactive framework that helps protect assets and maintain business continuity.

By focusing on systematic identification, stakeholders can ensure that risks are not overlooked, and appropriate responses are planned. This involves continuous monitoring, review, and adjustment of risk management strategies as the environment and associated risks change.

In contrast, while eliminating all potential risks or maximizing financial returns are important considerations in property management, they do not encompass the comprehensive nature required in risk management. Assessing current assets and liabilities is a part of evaluating risk but does not address the broader spectrum of identifying and managing risks comprehensively. This makes systematic identification and management of risks the cornerstone of effective risk management in the commercial property sector.