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Risk is all around us. Thus, risk management will inform our decision making and, in some cases and depending on the maturity of the program, create a competitive advantage. The purpose of risk management is to challenge the assumptions of management decisions in the areas of strategic planning, as well as budgeting and performance management. It is a tool to make any management team aware of the pitfalls of intended actions and at least give them the ability to change course if necessary. Risk management is important because of its message and disclosure. It effects and defines the engagement with internal and external stakeholders. Thus, risk management must be defined to reflect the organizations’ culture, attitude and commitment.
Risk management is…
