EFFECTIVE RISK MANAGEMENT

Aspects of Effective Risk Management

Aspects of Effective Risk Management

Introduction

Management is the combination of planning, controlling, staffing, and leading. Effective management leads a company toward success and prosperity (Melanie & Fogarty, 2004). Risk management is a kind of management which controls or minimizes the involvement of risk. Risk management is the process which identifies, assesses and prioritizes risks. Furthermore, it determines how uncertainty affects on the objectives and goals of a company and how a firm can monitor, minimize and control these probabilities of events.

Discussion

There are a number of risks which are involved in a business. Managing ...