what is risk management in finance?

Risk management is the practice of identifying, assessing, and managing risks to an organization. It includes the identification of risks, the assessment of risks, and the development of policies and procedures to manage risks.

Risk management is a process that helps organizations identify, assess, and manage risks. The goal of risk management is to minimize the negative impact of risks on an organization and its employees, customers, and shareholders.

There are three key elements to risk management:

Identifying risks: This includes identifying the risks that could potentially impact the organization.

Assessing risks: This includes assessing the likelihood of the risks occurring and the potential impact of the risks.

Managing risks: This includes developing policies and procedures to minimize the negative impact of the risks.

Risk management is an important part of any organization. It helps organizations identify and assess risks, and develop policies and procedures to manage those risks.

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