Risk Management and its Process
- September 25, 2022
- Posted by: maestro
- Categories: Blog, News
No Comments
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:
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Risk Identification.- The process of identifying and examining the potential sources of losses faced by a company. |
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Analysis and Measurement.- The evaluation of the potential impact that various exposures may have on the company. |
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Risk Control.- An action to minimize, at the lowest possible cost, the losses that impact the organization |
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Risk Financing.- The acquisition of funds at the lowest possible cost, to pay for losses that impact the organization. |
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Risk Management; which has 3 important stages and works as a continuous cycle. |
- Implementation; The implementation of the desired actions and Risk Management plans.
- Monitoring; Examine and evaluate the results of the actions and plans of Risk Management.
- Feedback; Continuous improvement.
Relevant information
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Author: Sabrina Díaz
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