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Risk Management Approach and Practices pdf Guide - FREE DOWNLOAD
Introduction to Risk Management
What Is Risk Management?
Risk management is a risk assessment method that analyzes and eliminates risks to mitigate threats and optimize an investment’s profits. Risk management includes the detection, review, and reaction to risk factors that are part of a company’s existence. Efficient risk management means seeking — by behaving proactively rather than reactively — to monitor potential performance. Efficient risk management thus provides the ability to reduce both the potential for a risk to occur and its potential effects.
Risk management is the detection, assessment, and prioritization of risks through the implementation of choices to track, control, and minimize the possibility or effect of unfortunate events. Risks may come from several different sources, such as market volatility, project failure, legal repercussions, financial danger, incidents, natural disasters, an adversary’s deliberate attack, or other unexpected events.
Layers of Risk Management in an Enterprise
A company faces many risks and needs specific strategy and department participation to handle the risks at various levels. Risks in a company can be classified into the following layers:
- Enterprise risk management
This includes strategic risks, reputational risks, financial risks, compliance/legal risks, organizational risks, and IT risks. It covers and handles all forms of risks in an enterprise. - Organizational risk management
Operational risks are part and parcel of organizational risks that are related to structures of processes and technology. - IT risk management
The subset of operating and enterprise risks are IT risks. This covers all aspects of information technology and systems-related threats. - Cybersecurity risk management
One of the risks in the IT risk management domain is the risk of cybersecurity. Cyber risk management focuses on technology, procedures, and activities designed to protect the network infrastructure of the enterprise, information systems, programs, and data from attacks, disruptions, or unauthorized access.
