Page 35 - Insurance Times JUNE 2022
P. 35
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 the
Risk management has developed in recent years into an
probability that an undesirable event, situation or condition
accepted discipline, with its own language, techniques, and
will occur. And Risk management is the process of
tools.
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
The Insurance Times, June 2022 35
