#RiskManagement Risk management is the process of identifying, assessing, monitoring, and minimizing the impact of risks that may affect the objectives of an organization or individuals. It aims to protect resources, reduce losses, and achieve stability and continuity in operations.

The core elements of risk management:

1. Identifying risks

What are the things that could go wrong?

Such as: financial risks, operational risks, cybersecurity risks, legal risks.

2. Assessing risks

Analyzing the likelihood of each risk occurring and its potential impact.

Using tools such as a risk matrix or SWOT analysis.

3. Controlling risks

Making decisions on how to deal with each risk:

Avoidance: eliminating the activity that causes the risk.

Mitigation: reducing the likelihood or impact of the risk through preventive measures.

Transfer: transferring the risk to another party (e.g., insurance).

Acceptance: accepting the existence of the risk while continuously monitoring it.