Risk Management

Definition of Risk Management as it relates to Business, Business Planning, Innovation Management

Risk Management is the process of identification, assessment, and prioritization of risks in an organization. It encompasses strategies to minimize, monitor, and control the impact of potential negative events on business operations, financial performance, and overall strategic goals. This includes evaluating both internal and external factors that may pose threats to the business, such as market changes, technological advancements, regulatory requirements, and operational hazards. Effective risk management involves integrating risk assessment and mitigation efforts into all aspects of business planning and innovation management, ensuring sustainable growth and long-term success for the organization.

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