Process of risk management By RT Compliance
Monitor and review risks.
Risk management is a process that helps organizations identify, analyze, assess, and deal with the probability of events that may negatively affect their business. It is often used to identify and manage risks that are related to human life, property, or other resources.
Risk management involves identifying potential threats and taking steps to address them before they can cause harm. It also involves identifying any vulnerabilities that could be exploited by malicious actors, as well as understanding how these vulnerabilities could affect the organization. This knowledge allows companies to create plans for dealing with the different risks they face.
The goal of risk management is to ensure that an organization can continue operations in the event of negative outcomes from threats or vulnerabilities
Risk management processes typically include:
Identifying potential risks and vulnerabilities
Assessing potential consequences of those risks and vulnerabilities
Creating plans for responding to identified threats
Implementing these plans when necessary