Page 37 - Insurance Times April 2022
P. 37
ROLE OF RISK
MANAGEMENT
PROFESSIONALS
IN EMERGING
ECONOMIES
"Not taking risks one doesn't understand is often The types of risks involved influence decisions on how to
the best form of risk management." manage or invest money in shares, bonds or property. When
- Raghuram G. Rajan faced with risks, the challenge is how well prepared are we
to overcome risks. Risk awareness may be limited in which
Fault Lines: How Hidden Fractures Still Threaten
case there is a high likelihood of risk turning into hazard -
the World Economy
leading to disastrous outcomes.
Introduction A well-managed business is also well prepared one and thus
Life is full of risks for example risk is involved in simple things able to confront challenges of the modern dynamic business
like turning on the gas at home or when dealing with life environments. Yet managing risk is rather challenging for the
threatening medical emergency decisions. Risk plays an world is mostly unpredictable. The processes are continuously
important role in the way we manage our economy, changing and evolving in terms of resources that are
organization or our family. available - technology, innovation, human resources and
time to name a few. In order to adequately address an
impending risk, it is important to gather as much factual
About the author information as possible for analysis to help manage and thus
minimize risk.
Afreen Fatima
Student PGCM - Actuarial Science Risk management is a methodical approach that could be
Institute of Insurance and taught and learnt by most. The general process and steps
Risk Management, Hyderabad involved is presented in Figure 1.
The Insurance Times, April 2022 37
