Mastering Risk Management Framework: Definition, Concepts, and Best Practices
Introduction In today’s fast-paced and interconnected world, organizations face a multitude of risks that can impact their operations, reputation, and bottom line. According to a study by the World Economic Forum, the average company loses around 5% of its annual revenue to risk-related incidents. This is why having a robust risk management framework is crucial for businesses to thrive. In this article, we will delve into the definition and concepts of risk management framework, its importance, and best practices for implementation. ...