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Mar-Apr 2010  |  risk management
By Neeta Shah

"Risks can be accepted, transfered, reduced or eliminated. For example, an organization may decide to accept a risk because the cost of eliminating it completely is too high. It may decide to transfer the risk, a practice usually followed in the insurance sector. Or it may be able to reduce the risk by introducing new safety measures or even eliminate it completely by changing its production processes. Organizations need to understand that risks to business will change, as will solutions for managing them, but the need to manage risks will remain. Continuous monitoring and reviewing are crucial for the success of a risk-management approach. Such monitoring ensures that risks have been correctly identified and assessed, and appropriate controls put in place. You can also learn from experience and make improvements to your risk-management approach."
 
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