What Is Risk Management?
Risk management is one of the most essential processes that is carried out in companies and organizations. It can be explained as evaluating, recognizing, and managing the organization’s profits and resources risks. The concept is not new; however, how organizations look at risk has shifted.
The significant risks of any organization include financial security, regulatory liabilities, strategic management, natural hazards, and other incidents. Companies usually establish the risk without considering the risks and can fail the operations whenever unseen risks occur. The failure to manage these risks properly will make it quite difficult for the organization to determine its long-term goals.