What is Risk Management and What are the Steps involved in Risk Management are discussed. This is also known as the principles of Risk Management. You will learn how the Risks are managed by the Risk Managers, by following the logical steps or process.
Risk managers possess knowledge of business and operational activities, and risk management frameworks, such as ISO 31000, and COSO Enterprise Risk Management framework. The risk management plan is prepared to perform the overall Risk Management of any organization. In financial institutions, Risk Management is the process of identification, assessment, and management of risks that are faced by the institution. Risk management is performed to mitigate the existing and potential risks, considering categories of risks, impact, and likelihood of risks, and the risk strategy adopted by management.
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