Risk Management

[Tia Anderson]

Hi. What could risk management do to an organization? What benefits could it give? My aunt asked for my help to research about this before they decided if they will get one for their organization. Thanks for your time.

[Serenity]

Are you sure this isn't a homework assignment? I can't believe anyone with an organisation would think a good way of assessing whether or not risk management is a good idea is to ask their niece to ask people's opinions on a totally non related forum.

In fact if she even remotely thinks that is a good idea I'd say she definitely needs a risk manager who would tell her it's not. Following advice from random people on a forum would open you up to a great amount of risk.

Sorry I'm not meaning to be snarky here but this isn't the place to ask. Google would be a much better starting point.

[richardj]

Tia

If you mean by risk management - health and safety procedures then I would expect any business to carry this out on a regular basis. If it has not been done already then the sooner the better.

Richard

[GSD]

I suspect that she may be talking about financial risk management.
Risk managers advise organisations on any potential risks to the profitability or existence of the company. They identify and assess threats, put plans in place for if things go wrong and decide how to avoid, reduce or transfer risks.

[Serenity]

Risk management if the avoidance and minimisation of several types of risks but especially financial and legal really. Which is why I posted the comment I did. Good risk management would not involve asking advice on possible legal issues on an open forum.

https://en.m.wikipedia.org/wiki/Risk_management

[saywaver]

a risk management can provide more opportunities for a quality management. It can help reduce severity of a risk or mitigates them before it becomes serious. It can protect an organization for a potential loss too.