Risk Management

Risk Management                            

Risk management is the identification, assessment, and prioritization of Risks (defined in  ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.

Risk management’s objective is to ensure uncertainty does not deflect the endeavour from the business goals.

2000 Years ago, Aiyan Thiruvalluvar briefed the importance of Risk Management

முடிவும் இடையூறும் முற்றியாங்கு எய்தும்

படுபயனும் பார்த்துச் செயல் (676)

साधन में श्रम, विघ्न भी, पूरा हो जब कर्म ।
प्राप लाभ कितना बड़ा, देख इन्हें कर कर्म ॥ (६७६)

Explanation by Scholars:

Analyze & Manage the hindrance, exertion required, business goals, benefits and project completion task, then proceed.

Analyze & Manage the hindrance is the Risk analysis & the Risk management.

முடிவும் =  Project completion task

இடையூறும்  = Risk or Hindrances

முற்றியாங்குஎய்தும் =   Exertion required

படுபயனும்= Business goals/  or profit

பார்த்துச்செயல் =  Analyze, Manage & Proceed.