Risk and the Fundamentals of Risk Management

What is Risk
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What is Risk
Risk refers to the probability that one may not achieve the expected outcome leading to a loss, damages, or even injury. Institutions consider risk management essential to running an enterprise because it influences progress and sustainability. Security management emphasizes safeguarding fundamental elements of an establishment against potential risks (Homeland Security, 2011). As a result, this definition aligns with the purpose of security management because it identifies the threats posed by risk and underscores the value of deterrent strategies.
Risk management has become critical in firms. Hopkin (2017) reveals that the process integrates diverse fundamental approaches, including identifying looming risks, their assessment, and mitigation. These approaches are critical because they enable a company to position itself strategically and remain prepared against threats that can compromise its operations and achieve objectives (Hopkin, 2017). The approach also includes routine monitoring using established criteria to combat ongoing and emerging risks.
Institutions employ different frameworks and policies to improve their resilience against risks. For instance, Hopkin (2017) discloses the “Organized Resilience Standard (ASIS SPC.1-2009)...