Risk Management

Risk management is the process of identifying, assessing, and prioritizing risks followed by the coordinated application of resources to minimize, monitor, and control the probability or impact of unforeseen events. It involves systematic approaches to analyze potential risks that could hinder the achievement of objectives, followed by developing strategies to mitigate those risks. This can include transferring the risk (such as through insurance), avoiding it, reducing the likelihood of its occurrence, or accepting the risk when necessary. Effective risk management helps organizations ensure stability, enhance decision-making, improve performance, and protect assets, ultimately contributing to more sustainable success.