Risk Management

What is Risk Management?

Risk Management is a systematic process used by businesses and organizations to identify, assess, and prioritize risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unforeseen events. Effective risk management ensures that negative factors are identified early and efficiently addressed to protect an organization’s financial health and sustainability.

Short Description: The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

• Identification: Recognizing potential risks that could affect the organization's operations or financial position.
• Assessment: Evaluating the severity and potential impact of identified risks.
• Control: Implementing strategies to minimize or eliminate the impact of risks.

Effective risk management provides a framework that ensures compliance with regulations, protects assets, and prepares organizations for unforeseen events by implementing mitigation strategies.