What is Risk Management?
Effective risk management can bring far-reaching benefits to all organizations, whether large or small, public or private sector, as well as individuals managing projects or programmes.
It can improve performance against objectives by contributing to:
- Fewer sudden shocks and unwelcome surprises
- More efficient use of resources
- Reduced waste
- Reduced fraud
- Better service delivery
- Reduction in management time spent fire-fighting
- Better management of contingent and maintenance activities
- Lower cost of capital
- Improved innovation
- Increased likelihood of change initiatives being achieved
- More focus internally on doing the right things properly
- More focus externally to shape effective strategies.