Risk Management and its Process

It is becoming increasingly necessary for different companies to use Risk Management as a tool to minimize their impact on the system and improve their competitive and permanent position in the sectors.

There are five steps in the Risk Management process:

Risk Identification.- The process of identifying and examining the potential sources of losses faced by a company.
Analysis and Measurement.- The evaluation of the potential impact that various exposures may have on the company.
Risk Control.- An action to minimize, at the lowest possible cost, the losses that impact the organization
Risk Financing.- The acquisition of funds at the lowest possible cost, to pay for losses that impact the organization.
Risk Management; which has 3 important stages and works as a continuous cycle.

Author: Sabrina Díaz

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