Risk Management
The recognition, analysis, and reaction to risk elements that are inherent in a business's operations are all included in risk management. Effective risk management is acting effectively rather than responsively in an effort to influence future events as much as necessary. As a result, good risk management has the potential to lessen both the probability of a risk happening and its possible consequences (CFI Team, 2022). Risk management process ( Thomas, 2022) Identify the Risk Analyze the Risk Evaluate or Rank the Risk Treat the Risk Monitor and Review the Risk I dentify the Risk Finding the risks to which the company is involved in its operational environment is the first step in the risk management process. There are many different types of risks: Legal risks Environmental risks Market risks Regulatory risks etc. The majority of these risk factors should be found, if at all possible. In a manual approach, these risks are manually noted. All of this information is submitted imm