Mastering Risk Management

INTRODUCTION

In Chapter 1, we looked at definitions of risk and considered the types of risks and their inter-relationships. It is important that the firm understands why it exists, its mission and strategy. However, risk management is integral to strategy setting and achieving objectives. At all levels, decisions are being made. They should be made with risk management involvement. In fact, risk management is integral not only to strategy and objectives, but all activities.

Not that risk management is all about threats and hazards, it should also be thinking about opportunities for the business and, if it works well, should bring many benefits (see Chapter 2, Business benefits of risk management).

While integrated risk management is about making ...