What is risk management?

Risk management is the process of identifying, assessing, and mitigating potential risks to an organization. 

Risk management involves a systematic approach to identifying and analyzing potential risks, assessing the likelihood and potential impact of those risks, and developing strategies to mitigate or minimize those risks. Risk management can involve both quantitative and qualitative analysis, and it typically involves input from multiple stakeholders, including subject matter experts, risk analysts, and decision-makers.

Effective risk management is critical for organizations to ensure that potential risks are identified and addressed before they can cause harm or disruption. Risks can include a wide range of potential events or scenarios, including natural disasters, cybersecurity breaches, financial losses, and reputational damage.

There are many different risk management methodologies and frameworks that can be used to implement risk management processes, including ISO 31000, the COSO framework, and the NIST Cybersecurity Framework. These frameworks provide guidelines and best practices for identifying, assessing, and mitigating risks, and they can be customized to meet the specific needs and objectives of different organizations and industries.