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changes in the business environment.

Risk Management Definitions

  • “Risk management is an integrated process of delineating specific areas or risk, developing a comprehensive plan, integrating the plan, and conducting the ongoing evaluation.”-Dr. P.K. Gupta
  • “Risk Management is the process of measuring, or assessing risk and then developing strategies to manage the risk.”-Wikipedia
  • ‘Managing the risk can involve taking out insurance against a loss, hedging a loan against interest-rate rises, and protecting an investment against a fall in interest rates.”
  • -Oxford Business Dictionary
  • ‘Decisions to accept exposure or to reduce vulnerabilities by either mitigating the risks or replying cost-effective controls’- Anonymous

The future is largely unknown. Most business decision-making takes place on the basis of expectations about the future.

Making a decision on the basis of assumptions, expectations, estimates, and forecasts of future events involve taking risks.

Risk has been described as the “sugar and salt of life”.

This implies that risk can have an upside as well as the downside.

People take a risk in order to achieve some goal they would otherwise not have reached without taking that risk.