How does the risk management plan improve a qualitative (people/stakeholders, products and services) impact, as well...

How does the risk management plan improve a qualitative (people/stakeholders, products and services) impact, as well as quantitative (financial) ones?

Expert Solution

Risk management is the technique where a company can either avoid the risk with the better planning or handle the risk in a way that it is not going to impact company overall goals, The best way to handle riks is the following steps

Accept The Risk.
Avoid The Risk.
Transfer The Risk.
Mitigate Risk.
Exploit The Risk

Proper risk management avoid any kind of loss, damage or damage of reputation to the organization and hence able to keep employee, customer and other stakeholders happy

In terms of financial risk, it is very obvious if the risk is managed well, the company will not enter into any financial problem due to back up funds, other alternatives, a good market research team to suggest on market, good data intelligence team. So having these predictions, a company can able to avoid wrong financial decision and hence can manage risk

keosha answered 2 years ago

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