A risk manager works with businesses and organizations to help assess and identify any potential risks that could hinder the safety, financial situation and security of the company. Once potential risks are identified, the risk manager implements solutions and procedures to ensure the company is prepared to deal with the potential risks.
Risk management is a process used by companies to manage, identify, assess, prioritize and manage different risks associated with the overall operation. After a risk is identified, the manager must prioritize the risks in order to prevent future damage. Depending on the type of organization or business, there are several strategies that help manage each individual risk.
The primary goal of risk management is protecting a business from vulnerability. There are a few different type of risk management plans used by managers to mitigate the business's risk. Legal risks include fraud, theft and sexual harassment. Common workplace risks include fires, natural disasters and accidents.
Risk management plans also manage risks associated with certain business practices, such as data storage, market instability, credit risks, record security and project failures. Risk managers implement plans that are useful in securing useful information and protect any physical assets a company owns or uses.