Thesis on Risk Mitigation Process
The process starts with first planning a strategy that would assist in identifying risk issues, once the risk has been highlighted risk assessment can be done, to evaluate the cause and effects of the risk related to the business, this risk then needs to be handled by implementing strategies and taking corrective measures once this issue of risk has been resolved it should be monitored on a continuous basis to identify further risk that could arise due to a change in internal or external factors.
Risk management has become crucial and contributes tremendously to the success of any business. It offers an essential role in improving the performance of the business, the significance of risk management for a company has to be understood at the upper levels of the organization. To accomplish the goals set out by the company it is important to ensure that these objectives are achievable by the resources that have been deployed by the company, that is the capability of human resource, the time constraint, the capital required and other internal and external factors that are to be utilized for making the operations of business possible.
Organizations need to have the ability to cope up with the unexpected and there should not be a delay in responding to the problem it must be responded instantaneously as it arises. Awareness of the importance of risk management needs to be created amongst the senior-level executive, humans do not generally like to talk about the potential losses, they prefer discussing the positive results and successes, and therefore the lack of realizing the importance of risk management amongst the human resource would result in the failure of the business.