Risk Management

• Date: November 27, 2008
• Source: External

Risk management is the process of defining risk and developing mitigation strategies. Traditionally risk mangement has been focussing on risk arising out of physical and legal causes. Business have always practised risk management either for mally or informally. Risk Management starts with the source of problems or the problem itself. Once the problem is identified, assessment has to be thorough wit regards to the severity of loss caused by the problem. All risk management activities should be recorded and approved by appropriate level of management. Risk management is always an ongoing process and all plans must be reviewed and updated regularly.