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What is risk management?

One of the functions of a corporate governing body is to identify, address, and prevent potential risks to the company. There are a number of things that can pose a risk to a business and being able to manage those risks is part of a comprehensive enterprise risk management strategy.

Enterprise Risk Management is a business strategy designed to identify, assess, and prepare for any dangers, hazards, and other potentials for disaster that may affect an organization's operations and objectives.

Steps for assessing risks

- identify potential risks

- analyze the risks

- evaluate the risks

- address the risks

- review the risks

Risk management is a complicated job that requires multiple stakeholders and involvement from different departments – because of this, most companies will employ a third-party risk management consulting agency like Rede.

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