Risk Management, known in English as “Risk Management,” is defined as the process of identifying, measuring, assessing, analyzing, and monitoring risks and threats that an organization or its capital may face. It involves controlling and providing an appropriate plan to handle these threats and minimize their negative impacts on the organization using the best methods and at the lowest possible cost.
Risk management is the process of measuring and assessing risks and developing strategies to manage them, as well as determining the strategy that will be followed to manage and monitor future risks.
Establish a well-defined policy to address anticipated losses or minimize the occurrence of such losses, in order to protect the company’s or organization’s interests, maintain its ability to achieve strategic and operational objectives, and carry out its required tasks.
Includes ministries, government agencies and institutions.
Includes businesses, both family and public, and non-profit institutions.
It includes employees, beneficiaries, customers, and suppliers.
Public bodies (government)
Includes ministries, government agencies and institutions.
Private companies and institutions
Includes businesses, both family and public, and non-profit institutions.
Stakeholders:
It includes employees, beneficiaries, customers, and suppliers.
Risk management enables companies to use the necessary tools to identify, analyze, and manage potential risks and develop appropriate strategies. It also provides businesses with a foundation for making sound decisions, evaluating and managing risks to prepare for crises that may disrupt operations, progress, and growth.
Identifying and understanding risks and their causes.
Analyzing risks and assessing their impact on assets and individuals if they occur.
Measuring risks and determining the likelihood of each risk recurring and the associated losses.
Develop the necessary plans and strategies and prepare to confront these risks.
Identifying and discovering risks and understanding their causes.
Identifying and discovering risks and understanding their causes.
Measuring risks and determining the likelihood of each risk recurring, along with the associated losses.
Developing and implementing the necessary plans and strategies to prepare for and address those risks.
Identifying and assessing risks and understanding their causes.
Analyzing risks and assessing their impact on property and people if they occur.
Measuring risks and determining the likelihood of each risk recurring and the associated losses.
Developing the necessary plans and strategies and preparing to address those risks.
Identifying and assessing risks and understanding their causes.
Analyzing risks and assessing their impact on property and people if they occur.
Measuring risks and determining the likelihood of each risk recurring and the associated losses.
Developing the necessary plans and strategies and preparing to address those risks.
Having a strong risk management plan helps companies establish policies and procedures to avoid potential risks, minimize their impact as much as possible if they occur, and manage the resulting outcomes in the best possible way.
– Credit Risks: Losses resulting from unpaid outstanding debts.
– Operational Risks: Business losses due to inadequate procedures, administrative and organizational failures, or external factors.
– Reputational Risks: Arising from damage to the company’s reputation due to internal and external factors.
The purpose of risk management plans in organizations is to ensure financial readiness and preparedness in the event of any problem. In many cases, organizations with risk management plans have the ability to access additional funds through loans and increase credit limits.
The main benefits of risk management plans lie in providing companies with the ability to save time, money, and other resources, allowing employees and management to focus their time and efforts on essential tasks critical to the company’s success.
A risk management plan is one of the best practices that companies can adopt. It helps convey positive messages about the business not only to stakeholders but also to the public. It instills confidence and motivation among employees, as they work for a company known for its positivity and responsibility, and it gives customers the assurance that they are dealing with a professional organization.
The purpose of risk management plans in organizations is to ensure ease of preparation and financial readiness in case any issues arise. In many cases, organizations with risk management plans can access additional funds through loans and increase credit limits.
Risk management involves devising solutions for potential threats. Among the elements of a risk management plan is the “insurance strategy.” The goal of insurance is to create a plan for reducing or minimizing the impact of risks. Insurance is considered one of the most suitable methods for addressing the negative effects of risks.