What is Risk Management?What are the importance of risk management?

Thank you. Risk management is the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

Risk management is important in an organization because without it, a firm cannot possibly define its objectives for the future.Also, the risk management team is responsible for assessing each risk and determining which of them are critical for the business.

Business people need to understand the psychology of risk more than the mathematics of risk!

Thanks for invitation,Risk management: is the process for identifying, assessing, and prioritizing risks of different kinds that can the business and institutions can facing. Once the risks are identified, the risk manager have to create a plan to mitigate or minimize or eliminate the impact of negative affects by using variety of strategies which are available, depending on the type of risk and the type of business. There are numbers of risk management standard strategies , including those developed by the "Project Management Institute", the "International Organization for Standardization (ISO)", and many other specialized institutions worldwide.Risk management as matter of fact is an important part of planning for businesses. The process of risk management is designed to mitigate or minimize the risk of certain kinds of events happening, having an impact on the business or anticipating to happen in the near future.

The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact. Important is to make as much accurate estimate as you can.

Thanks

Risk Management : Is to determination and forecast all kinds of risks which will  affect of work and work environment, and put plans against these threats.

the importance of this management come from its ability to reduce the risks effects.

Thanks for the invitationagreed with an answer dear colleagues.