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.