“Risk management is the way of identifying, measuring, and dealing with the threats to an organization's capital and earnings"
Definition according to ISO 31000, "Risk management is the way toward assessing the chance of loss or damage and finding a way to battle the potential Risk. In a simple way".
An example of risk management is the point at which a bank representative surveys a potential credit to figure out what the odds are that the purchaser won't be able to pay it back. And then choose how to continue to allow the advance and the amount to charge in premium.
An example of risk management is the point at which a man assesses the odds of having real vat charges and chooses whether to buy pet insurance.
There are different kinds of risk and risk management is the process that deals with them through identification, evaluation and proper handling.
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