Why is Risk Management Important. Thus, risk management is an important component for every organization as its goal is to control various aspects and contribute to the organization’s success. When applied to the business context, it becomes apparent that risk management addresses many issues that may threaten a company’s assets,
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Managing risks is an important function that should be considered in any organization’s strategic plan. It encompasses the processes of risk evaluation, risk selection, and risk response and the subsequent risk reduction, risk management, and risk prevention activities. Risk management enables an organization to be ready for the future, safeguard
