Risk is an inherent part of modern-day life, and it happens to be all-pervasive at both a micro and macro level. Risk management has thus become a natural imperative in a post-pandemic crisis world, especially for business continuity. Many companies across the globe are battling for survival by creating a risk-proof ecosystem and finding alternative avenues for business growth. Before we delve into why a career in risk management is a suitable path for many young professionals, we have to understand what risk management is and why it is so important.
Risk Management
Risk management was traditionally done by transferring risks to an insurance company or limiting the scope to financial risks only. Every crisis has reminded organisations of the increasing importance of an enterprise wide assessment of risks that involves identifying, assessing and responding to risks across all verticals of the business. Simply put, risk is defined as the possibility of a bad outcome that could throw a company off course from its financial and non-financial targets, or even lead to a complete shutdown. Hence, enterprise risk management is a process implemented by people in strategy…
