The following are the objectives of risk management:
- Identifying risk and take preventive measures
- Optimum use of resources
- Developing employees in a better way to tackle risk
The objective of risk management is not just about mitigating financial losses but also about mitigating negative impacts on the company's reputation or brand image. It should help companies identify and manage risks, including threats, vulnerabilities, opportunities, and threats from competitors. They should also provide guidance on how to respond to these risks.
Risk management is a critical part of any organization. The main objective of risk management is to help them to determine what their strengths are, what their weaknesses are, where they should focus their resources on, and where they need to improve in order to be more successful.
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