Risk, in insurance term, is the possibility of a loss or
other adverse event that has the potential to interfere with an
organization's ability to fullfill its mandate, and for which an insurance
claim may be submitted.
Risk management ensures that an organization identifies
and understands the risk to which it is exposed. Risk management also
guarntees that the organization creates and implements an effective plan
to prevent losses or reduce the impact if a loss occurs.
Benifits to Managing
Risk management provides a clear and structured approach
to identifying risks. having a clear understanding of all risks
allows an organization to measure and prioritize them and take the
appropriate action to reduce