Definition of Risk Management
Risk management is the process where risks are identified, assessed and prioritized following by coordination and its applications on the economical resources in order to minimize, counsel and control the probability and/or impact of unfortunate events in investments.
There are several impact issues for arriving risks in investments; it can appear from the uncertainties that financial market face, possibilities of failure of the project, credit risk, legal liabilities, accidents, natural causes and calamities, included deliberate attack from an adversary, or events which comes from uncertainty or unpredictable root-cause. The Project Management Institute, the National Institute of Standards and Technology, have issues several standards for risk management.
- There are several subject in the context of risk management, are financial portfolios, project management, engineering, industrial processes, security or public health and safety.
Books on Risk Management –
Security Risk Management: Building an Information Security Risk Management Program from the Ground Up By Evan Wheeler (published by Elsevier, 2011)
Risk Management: Survival Tools for Law Firms By Anthony E. Davis, Peter R. Jarvis (published by American Bar Association, 2007)
How Risk management works?
- The implementation of risk management has many areas, like in purchasing insurance policies, while a person has made his investment in insurance policy, he tend to carry a amount risk possibilities, but what risk management will do is transferring the risks to an insurer, will help to avoid all risks that will not harm the entity’ goals.
- It can be said that risk appears when the investor or fund manager assesses and attempts to quantify the potential for losses in an investment, and then depending on the appraisal he draws some conclusive action or inaction keeping in mind the investment objectives and risk tolerance. If risk management comes as a failure, it has the potential to harm the companies, as well as individuals. As a example, the recession of 2008, was initiated by the loose credit risk management of financial firms.
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