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Risk management is necessary to mitigate potential threats to an organization from "summary" of Fundamentals of Management (For B.Com, BBA, BBM and BMS) by J.P. Pathak
Risk management plays a crucial role in safeguarding an organization from potential threats that may hinder its operations or lead to significant losses. By identifying, assessing, and addressing risks, management can proactively protect the organization's interests and ensure its long-term sustainability. The process of risk management involves analyzing various factors that could impact the organization's objectives, such as market conditions, regulatory changes, financial instability, or natural disasters. By understanding these risks, management can develop strategies to mitigate their potential impact and prevent them from escalating into crises. Effective risk management requires a systematic approach that involves establishing clear objectives, defining risk tolerance levels, and implementing measures to monitor and control risks. By creating a risk management framework, organizations can streamline decision-making processes and allocate resources more efficiently to address potential threats. Furthermore, risk management enables organizations to adapt to changing circumstances and seize opportunities for growth and innovation. By proactively managing risks, organizations can enhance their resilience and competitiveness in the market, positioning themselves for long-term success.- Risk management is an essential function that helps organizations navigate uncertainties and protect their interests. By prioritizing risk management practices, organizations can minimize potential threats and maximize opportunities for growth and sustainability.
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