RISK MANAGEMENT – A PART OF ANY BUSINESS

Abstract: Risk management is a central part of any organisation’s strategic management. It is the process whereby organizations methodically address the risks attaching to their activities with the goal of achieving sustained benefit within each activity and across the portfolio of all activities. The focus of good risk management is the identification and treatment of these risks. Its objective is to add maximum sustainable value to all the activities of the organisation. It marshals the understanding of the potential upside and downside of all those factors which can affect the organisation. It increases the probability of success, and reduces both the probability of failure and the uncertainty of achieving the organisation’s overall objectives. Key words: business, risk, management, organization. Business today is dynamic and complex, which is causing organizations to consider more formalized processes for enterprise risk management. The goal is to effectively mitigate or avoid damage to the organization while seizing the maximum return on opportunities. To effectively manage risk, organizations turn to risk consultants for advice. The risk consulting landscape has grown significantly over the years and now represents a many of business that crosses a range of risk consulting specialties. A successful risk consulting engagement requires that a firm understand what it is trying to achieve and is selective in th