Well-defined goals such as defining the risks a program will manage, what risk management processes are required, and how risk management efforts will be coordinated are all part of a risk management program.
Risk management is the process which is used for identifying, assessing and controlling threats to an organization's capital and earnings. These risks arise from a variety of sources which includes financial uncertainties, legal liabilities, technology issues, accidents, strategic management errors and natural disasters.
A successful risk management program also helps an organization to consider the full range of risks faced by it. Risk management examines the relationship between the different risks and the cascading impact they could have on an organization's strategic goals.
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