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Volume 32, Issue 3

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Monday, 19 December 2016 00:00

The Importance of Risk Management

Written by  MICHAEL C. REDMOND

A robust enterprise risk management includes mitigating and planning to respond to risks identified in business continuity, disaster recovery, information/cyber security, physical security, emergency management, and other risk management areas. Risk management is becoming increasing important in today’s age of business. The organizations that fail to allocate adequate resources to risk management not only leave themselves susceptible to impacts on business operations but also potentially causing irrevocable damage to the business reputation. Once an organization loses its reputation, it’s the start of the demise of the organization. Organizations must make risk management a high priority. Risk management is fundamentally an approach in which organizations explore, identify, analyze, and mitigate the risks that can affect an organization. Risk management is an integral part of any organization, which if managed efficiently leads to success. Enterprise risk management is a vital component for corporate growth and development, especially in today’s constantly evolving business environment, and