RISK MANAGEMENT

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Risk is occurrence of an uncertain event, if materializes then can have a negative impact on business objectives. Poor internal controls, lack of governance makes the business vulnerable to risk. It is very important to identify the risk in advance, analyze the identified risks and then to initiate the actions to curb/mitigate it.

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Risk Management is the technique or the process to manage the business risks with coordinated efforts and economical application of  resources to reduce, check and control the likelihood and impact of adverse events. It is also to maximize the awareness of opportunities. Risk management’s objective is to guarantee that indecision and hesitation does not repel the effort or attempt from the business goals. It is important to have a systematic risk management process.

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