A systematic approach to identifying, assessing, and mitigating potential risks that may impact a company's financial health. It involves analyzing various types of risks, such as market risk, credit risk, liquidity risk, and operational risk, and implementing strategies to minimize their adverse effects.

The process typically begins with risk identification, where potential risks are identified and categorized based on their probability and potential impact. Next, these risks are assessed to determine their magnitude and likelihood of occurrence. Based on this assessment, risk mitigation strategies are developed and implemented to reduce the likelihood or severity of potential losses.

These strategies may include diversification of investments, hedging against market fluctuations, setting up contingency plans, or improving internal controls and processes. Additionally, ongoing monitoring and evaluation are essential to ensure that the risk management strategies remain effective and responsive to changing market conditions. Through proactive risk management plans, companies can safeguard their financial stability and resilience in the face of uncertainty.

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  • July 21, 2024 3:17 am local time

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