Risk management is the understanding, assessment (including prioritization) and treatment of risks, from highest to lowest, taking into account factors such as: the impact of a risk event may have; the likelihood of this risk event happens; and of course, the means involved for dealing with this risks.
The prioritization of risk management activities is essential, instantly identifying the risks with higher or lower impact and the likelihood of happen and of having impact on the business.
Often, a decision on risk management involves making choices between what we thought that may happen, based on past events (if possible), and what we can expect from future events. It is important that risk managers are strong, determined and supports the strategy for managing the risk within the organization in a way that management can take risk aware decisions.
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