Risk Management

Risk Risk is the possibility of loss or injury. It is a part of everyday life for businesses and individuals.

Individuals and businesses must evaluate the risks they face, and they should minimize the costs involved with those risks.

Risk management It involves, first of all, surveying all the areas of risk to a company and then preparing a series of recommendations to minimize potential losses from them. This is often done by risk management consultants. But some major companies have now appointed their own risk managers.

Several special applications of risk management are uniquely significant to organizations that, in the course of delivering emergency services to the public, cope with high risk situations as an integral component of their missions. Such organizations include: fire departments rescue squads emergency medical services other related organizations

Risk management calls for a multi-faceted approach that encompasses many elements, some of which are: It is a fundamental tenet of risk management that it be an ongoing, evolving, regularly refreshed and continuously improved process safetyhealth financial impact loss control

Fire is still the greatest potential risk.

The risk manager can simply recommend bricking up a doorway or a hole in the wall of a warehouse to prevent fire from spreading. Or he can suggest a safer method of stacking.

Sprinkler system. This could save a company huge sums in insurance premiums.