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Risk Management is identifying the potential uncertainties that can affect the business continuity and also developing strategies to minimise its impact on the organisation.
It is crucial to have a systematic and well-planned risk management process in any organisation to deal with the uncertainty in any business project effectively.
The financial risks, quality risks, technology risks, resource risks, etc., are some of the types of risks that arise frequently.
This requires a robust risk management plan that should be devised and followed.
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The following represent the most oft-covered aspects of risk management.
Financial risk increases as the amount of money your are investing increases and this risk is unavoidable, the most one can do is try to reduce it.