Risk Management & Its Importance

A process of identifying a threat and then assessing and controlling it to maintain the earnings and capital of the organization is known as Risk management. These risks can come up from legal liabilities, financial uncertainties, strategic management errors, natural disasters, technology issues and accidents.

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What is a Risk Management Program?

Risk management program helps in identifying all sorts of risks an organization faces. Risk management examines the relation between the risk and its impact on the strategic goals of the organization. The approach towards managing risks is also described as enterprise risk management because of its force on understanding risk across the organization.

If we focus on inner as well as outside threats, enterprise risk management (ERM) draws attention to the significance of handling positive risks. Positive risks are possibilities that would boom the enterprise cost or, conversely, harm an organization if no longer taken. Indeed, the intention of any hazard control software isn't always to remove all hazards however to maintain and upload to organization cost via way of means of making clever hazard decisions.

Importance of Risk Management

Risk management is now one of the most important things to consider while running a business. Risks that a modern organization faces have become more complex due to rapid globalization. We depend on technology more now than ever and the more we depend upon the digital world, the newer risks will keep on emerging. Also, as per risk experts, climate change is referred to as a “threat multiplier.

Recently, organizations around the world have been going through the consequences brought by an external risk “The Coronavirus”. However, some made it through and some didn’t. Covid-19 affected everyone's life and made it an existential crisis. It affected the health and safety of the employees, ability to interact with customers, means of doing business and the reputation of the organization.

Defining Risk Appetite

Thus a risk management program should be made according to the strategy of the organization. But first, the organization must define its risk appetite. Risk appetite means the amount of risk an organization can

Apart from this, the organization has to segregate between the risks that can be tolerated and which require additional control before they are accepted in the risk appetite. This was explained by Mike Chapple in his article Risk appetite vs. Risk tolerance and he is a Senior Director of IT at Notre Dame University.

Every organization has to face unexpected risks and harmful things that can cost money or cease to exist. However, the risks that are not taken can be troublesome in the long run.

Reassessing Risks

Many organizations made it through the pandemic however moving forward the companies have to face some novel risks such as how to bring all the employees back to offices and how to take care of the supply chain so that it does not get vulnerable to the crisis.

As the companies have gone through the Covid-19, the board of directors is going through the risk management program in case they require anything additional to make it better. Reassessing the risk exposure and examining the processes of risk, they are reconsidering who should be a part of the risk management team.

Conclusion

As the innovation and use of technology have been growing day by day, risk management has also become a crucial part of keeping the business out of threat way. Hence, what should be done is that organizations should reassess the risks that might occur in the coming time and be ready for them. Be it the health and safety of the employees or the cyber threats surrounding you.

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Written By: PolicyBazaar - Updated: 09 June 2022

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