The potential impacts of risk not being identified and effectively managed in a business can include financial loss, reputational damage, litigation, service delays, ineffective processes, and increased administration. These consequences can arise from various factors such as unforeseen events, poor decision-making, lack of risk assessment, or inadequate risk mitigation strategies. Failing to address and manage risks can lead to significant negative outcomes for a business, affecting its financial stability, reputation, customer satisfaction, operational efficiency, and overall success.