ENTREPRENEURSHIP

Detailed explanation-1: -Enterprise risk management (ERM) is the process of identifying, assessing, managing, and monitoring potential risks. Its overarching goal is to minimize the harm that risks might cause an organization.

Detailed explanation-2: -Risk management within a project is a process of identifying any potential risks prior to project commencement and creating a plan to mitigate risks and/or prevent them from occurring. Therefore, risk management requires taking an informed approach to understanding a project’s risk appetite.

Detailed explanation-3: -Three important steps of the risk management process are risk identification, risk analysis and assessment, and risk mitigation and monitoring. Risk identification is the process of identifying and assessing threats to an organization, its operations and its workforce.

Detailed explanation-4: -The five steps of the risk management process are identification, assessment, mitigation, monitoring, and reporting risks. By following the steps outlined below, you will be able to create a basic risk management plan for your business.