Businesses can minimize operational risks by identifying specific risks related to processes, systems, people, and external factors, and then evaluating their likelihood and impact to prioritize them effectively. Implementing procedures, technologies, and safeguards, such as backup plans and training employees on risk management practices, is essential to mitigate identified risks [1][5]. 

Continuous monitoring of risks using Key Risk Indicators (KRIs) and regularly testing business continuity and disaster recovery plans helps ensure quick recovery from disruptions [1][3]. Additionally, companies should engage in open communication with stakeholders regarding risks to maintain transparency and accountability within their operations [6].

How can businesses minimize operational risks?

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