RISK MANAGEMENT. STAGES OF THE RISK MANAGEMENT PROCESS

Abstract

Risk is present in every aspect of life – in the economy, in technology, in the environment, and in our everyday activities. Risk management is a process that has increasingly taken a central role in the operations of modern organizations. It provides a systematic way of planning, analysis, and decision-making aimed at reducing adverse consequences for organizations. This paper analyzes risk management within organizations and outlines the key stages of the process. Successful leaders must understand the essence of risk, the principal stages of the risk management process, and in addition, train their employees in this field. They must also develop a comprehensive risk management strategy to ensure survival and sustainable growth.