What is risk management?
Risk management is a comprehensive method for assessing, identifying, managing, and communicating risks. It is an integral part of successful strategic planning and management for a company. Effective risk management helps a company ensure that it achieves its goals and mitigates or eliminates potential threats to its success. Risk management should help make the right decisions when faced with uncertainty. Risk-optimized decision-making processes allow a company to maintain uninterrupted business operations or recover more quickly from losses. At the same time, the costs of risk management itself are reduced.