Risk Management
Risk Management is an essential part of a project’s success. It is a process that helps to identify potential problems early, so that action plans can be put into place to keep them from turning into real problems or issues later on in the project life cycle.
Risk Management Process
Essentially there are 5 stages to the risk management process:
* Planning
* Identifying
* Assessing
* Handling
* Monitoring and Reporting
We live in a very uncertain world. Everyday in our routine work, and lifestyle, we are vulnerable to various risks, and liabilities. We can manage, and avoid many of these adversities personally. Although, like environment, our businesses, things, and us that are vital for our survival, are also at risk at most times from various known and unknown factors. This is where Risk Management comes into effect.
Risk management is the recognition, evaluation, and prioritising risks followed by harmonised and cost-effective submission of resources to decrease, supervise, and be in charge of the prospect, or contact of ill-fated events. Risks can come from vagueness in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes, and disasters as well as premeditated attacks from an antagonist.
