The simplest definition of Risk Management can be : 'The identification, evaluation, control and prevention, and transfer of risk'.
Risk Management is the process of measuring, or assessing, risk and developing strategies to manage it.
Basic components of risk management process: Identification, Evaluation/assessment, Prevention and control, Financing
An effective risk management practice provides a clear and structured approach to identifying risks and minimising their negative impact on different aspects of a business activity.
Strategic management, in its broader sense, would differ from risk management of exposures to accidental losses. Risk management is an independent discipline and part of the more generic strategic management.
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