MANAGEMENT

Detailed explanation-1: -Businesses face many risks, therefore risk management should be a central part of any business’ strategic management. Risk management helps you to identify and address the risks facing your business and in doing so increase the likelihood of successfully achieving your businesses objectives.

Detailed explanation-2: -The purpose of risk management is to identify potential problems before they occur, or, in the case of opportunities, to try to leverage them to cause them to occur. Risk-handling activities may be invoked throughout the life of the project.

Detailed explanation-3: -Loss control is a risk management technique that seeks to reduce the possibility that a loss will occur and reduce the severity of those that do occur. A loss control program should help policyholders reduce claims, and insurance companies reduce losses through safety and risk management information and services.