“If you don’t invest in risk management, it doesn’t matter what business you are in, it’s a risky business” – Gary Cohn. Individuals and businesses are frequently making choices that make them prone to a certain amount of risk. A risk is the chance, high or low, that any hazard will actually cause somebody harm. There are different types of risks that a firm might face and needs to overcome. Broadly, risks can be classified into three types. They are business risk, non- business and financial risk. In business, risk management is defined as the process of identifying, monitoring and managing potential risks in order to minimize the negative impact they may have on an organization. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents, natural disasters and so on. Some of the objectives of risk management include identifying and evaluating risks, reduce and eliminate harmful threats, reassures stakeholders and so on. The presentation gives better understanding on the concept of risk management.

Adarsh S

58 resources

0

2

0

Like