What is Risk Management and Why is it Important?
Risk Management is a structured process of identifying, rating and managing risks with the aim of minimizing losses and maximizing gains.
Risk Management is currently practised worldwide by individuals, companies, non-government agencies, government entities, health care facilites and the list goes on and on.
Risk Management is important because :
- It can reduce shocks and unwelcome surprises
- It serves to reassure regulatory bodies and stakeholders
- It allows you to quickly grasp new opportunities
- You can take more risk with the aim of seeking greater rewards
- It causes renewed focus on strategic planning
- It helps reduce financial , operational and reputational damage/losses
- It stengthens business processes and procedures
- It causes you to focus on disaster management and planning
- It promotes continuous improvement
- It ensures robust contingency planning
- It improves our ability to meet objectives and achieve opportunities.
Future Services International Ltd is one of the few Jamaican companies offering Enterprise Wide Risk Management services (ERM) aimed at reducing company losses and increasing gains. For more information on ERM for business success please call Yaneek Page at (876) 908-3644.
