Risk Management Principles

Risk management principles involve identifying, assessing, and prioritizing risks to minimize their impact on objectives. It begins with recognizing potential risks, evaluating the likelihood and consequences of each, and categorizing them based on severity. Effective strategies are then developed to mitigate, transfer, accept, or avoid these risks. Continuous monitoring and review help adapt to changes and improve processes. Ultimately, a proactive approach to risk management safeguards resources and enhances decision-making, fostering resilience in individuals and organizations alike.