When considering risk management, businesses have to make decisions on which of a multitude of possible risks could there be significant problems for the business.
This requires an identification of the risk, an analysis of the risk to determine the extent of problems and costs if that risk actually occurred, an evaluation of the identified risk to see whether there can be any changes in procedures, systems or culture within the organisation etc., so as to eliminate that risk and then determining the risk management strategy which will apply to that risk.
This paper covers issues that need to be considered in risk management.
