Risk Management

Risk management is the systematic process of identifying, assessing, and prioritizing risks faced by an organization or project, followed by the coordinated application of resources to minimize, monitor, and control the probability or impact of unforeseen events. This discipline encompasses a variety of strategies and practices aimed at reducing the potential adverse effects of risks on objectives and outcomes. It involves understanding the nature of risk, evaluating the likelihood and consequences of different risks, and implementing measures to mitigate them, such as risk avoidance, reduction, sharing, or acceptance. Effective risk management helps organizations make informed decisions, allocate resources efficiently, and enhance their resilience against challenges.