Expert Insights: What is Risk Management?
Posted on July 12, 2022 | in Operational Risk
Dana Garber, Senior Solution Strategist, VelocityEHS
Risk management is the term applied to the system that is put in place to do a few things:
- Establishing context of a risk
- Identifying, analyzing, evaluating treating, monitoring, and communicating risks throughout an organization.
And this can be associated with any activity, function, process that, you know, you’ll do it in a way that will enable organization to minimize your loss and maximize your opportunities.
I mean it’s risk, of course it’s important. We manage risk every day in our lives – we’ve been managing risk as a human species since the beginning of time. Whether it’s going hunting, whether it’s traveling to work, what are you going to eat that night, whatever you’re doing, you’re managing risk internally whether you know it or not and it’s the same for any organization, especially for high hazard industries.