Risk management is the process of identifying, assessing, and prioritizing potential risks that could impact an organization’s objectives. It involves developing strategies to mitigate or avoid those risks, as well as monitoring and reviewing the effectiveness of those strategies over time. Effective risk management requires a comprehensive understanding of an organization’s operations, as well as the external factors that could impact its success. It also requires a commitment to ongoing evaluation and improvement, as risks can evolve and change over time. Ultimately, effective risk management helps organizations to minimize the likelihood and impact of negative events, while maximizing opportunities for growth and success.
