Risks

Risks refer to the potential for loss, damage, or injury that may occur as a result of a decision, action, or event. In various contexts, risks involve uncertainty about outcomes, where negative consequences could materialize. Risks can be financial, operational, strategic, reputational, or related to health and safety, among others.

In risk management, the goal is to identify, assess, and prioritize risks, followed by coordinated efforts to minimize, monitor, and control the probability or impact of adverse events. Effective risk management enables individuals and organizations to make informed decisions, allocate resources efficiently, and enhance resilience against unexpected challenges or threats.