What is Risk Management?
Risk management is a continuous process that involves the identification, analysis, and response to risk factors with a focus to control future outcomes by taking measures proactively rather than reactively. Risk management ensures that there are enough resources allocated to remedy or any risk-related opportunities. Effective risk management provides the ability to reduce both the possibility of a risk occurring and its potential impact. Risk management is also considered a learning and awareness tool that helps business leaders make the right decisions and create a safer work culture. Companies use Risk Management Systems to get a complete and accurate picture of the current risk landscape within the organization, including product lines, processes, and business units.
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