Page 7 - Risk Management Bulletin April-June 2022
P. 7
RMAI BULLETIN APRIL - JUNE 2022
SYSTEMATIC
REVIEW OF BEST
PRACTICES IN
RISK
MANAGEMENT
Risk and Risk Management prepare for the unexpected by minimizing risks and
extra costs before they happen.
Risk implies future uncertainty about deviation from
expected earnings or expected outcome. Risk refers to
Risk management has developed in recent years into
the probability that an undesirable event, situation or
an accepted discipline, with its own language,
condition will occur. And Risk management is the
techniques, and tools.
process of identifying, assessing, and controlling
threats to an organization's capital and earnings.
There are many unexpected and harmful risks and
events which every business or organisations face.
They cause loss and can even become the reason for
closure.
Risk management allows organizations to attempt to
About the author
Shaik Gulam Fazal Biya Bani
Re-Insurance Processor,
Gulf Union Corporative Insurance
Company- Saudi Arabia
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