What is risk management?
Risk management framework involves steps that help organizations identify potential risks, analyze them, and take corrective actions to eliminate or reduce the magnitude of the risk. For most of the digitized companies, IT security threats, data-related risks, and the risk management strategies to alleviate them have become the top priority.
Risk management process consists of steps that are implemented to minimize the adverse effects of accidental business losses on an organization. There are five key steps involved in an ideal risk management process. Read on to find out the steps involved in an ideal risk management framework.