Risk management deals with the identification, assessment and various strategies that help mitigate the adverse effects of risk on the organization. Management uses risk management as a strategic tool to mitigate the loss of property and increase the success chance of the organization.

It is caused by internal and external sources. The external risks are those that are not in direct control of the management. These include political issues, exchange rates, interest rates, and so on whereas, internal risks include non-compliance and operational risk among others.

The critical risks have an adverse impact on the business and thus they should be prioritized.

1. Saving valuable resources such as time, income, assets, people and property
2. Creating a safe and secure environment for staff, visitors and customers
3. Reducing legal liability and increasing the stability of your operations
4. Protecting people and assets from harm
5. Protecting the environment
6. Reducing your threat of possible litigation
7. Defining your insurance needs to save on unnecessary premiums

It is important in an organisation because without it, a firm cannot possibly define its objectives for the future. The process of risk management is to make sure that the company takes up only the risks that will help it achieve its primary objectives while keeping all other risks under control. Thus, risk management is done for financial, legal and moral & ethical reasons.

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1. Financial Risk Management
   It deals with risks related to foreign exchange, liquidity, inflation, non-payment of clients and increased rate of interest. These risks affect the financial position of the enterprise.
2. Market Research Management
   It deals with different types of market risks, such as interest rate risk, equity risk, commodity risk, and currency risk.
3. Commodity Risk Management
   It handles different types of commodity risks, such as price risk, political risk, quantity risk and cost risk.
4. Project Risk Management
   It focuses on the management of various types of risks related to a project such as assessment of risk and risk control. It deals with different types of uncertainties and constraints related to a project (known as project risks). Project risks having negative characteristics are known as threats and project risks bearing positive characteristics are known as opportunities.
5. IT Risk Management
   It is a part of enterprise risk management as most modern enterprises largely depend on the information technologies and thus with the risks associated with the technologies. Most modern enterprises need to face it and prepare plans to deal with these risks.