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Risk Management

Management is constantly faced with the multitude of business risks. Some of these risks are not only inevitable, but also inherent in the game of business itself. There is much truth in building the positive relationship between risk and returns. ‘No risk No gain’ is the old saying which holds true even at present and perhaps with greater element of validity. But it does not imply that greater is the element of risk the higher would be the return form business. The management has always to strive for reducing the risk or undertaking certain measures whereby the negative effects of risk should be properly gauged and corrective measures applied to overcome. This is what is meant by risk management.

Risk management involves the following steps:

1.    Identification of risks.
2.    Evaluation of risks.
3.    Decision about risk handling devices.
4.    Executing the decision.
5.    Aftermath and evaluation.

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