Objectives of Risk Management

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27, Jun 2022

Hey there! So good to have you back again. In this blog, we will answer the most frequently asked question, which is, what are the objectives of risk management? Before we deep dive, let us also understand what risk management is and how to build a successful career in the field of financial risk management. Let us quickly get started.

The concept of risk management is not new. It is a process that is carried out by organizations to identify, measure, monitor, and control risks faced by the organization. Business organizations face different types of risks, such as environmental risk, business risk, financial risk, political risk, and many more.

The most important objective for any business today is to enhance the safety of investors. The objective of risk management is to identify risk at an early stage and take the necessary steps or measures to mitigate its harmful effects. Historic information is analyzed to understand a trend and to foresee all future unfortunate events. The objectives are as follows:

Identify:
- The first and the most important objective is to identify various types of risks arising out of uncertainty.
- Risk management helps in evaluating the source of risk in business and developing a proper understanding of
  the causes.
- The Risk Manager is responsible for identifying areas where losses can take place and determining the best
  way to handle various risks.
- Risk Managers collect information from different sources to identify minor and major exposures to losses.
- One example is the misuse of the internet by employees using emails which can lead to the theft of
  confidential information.
Measure:
- The other objective is risk measurement. Once the above mentioned step is completed, the next step involves
  creating a system to measure the identified risks and quantify their potential impact.
- Let us understand through an example. The probability of floods or drought is completely dependent on the
  weather conditions, which have a direct impact on the crops.
- These important details will help farmers get an overview of the degree of risk involved with each variable
  along with the value that is at risk.
Monitor:
- The next risk management objective includes continuous monitoring once the first two steps are completed,
  which are the identification and measurement of risks.
- Let us continue with the above example. It is very difficult to accurately predict the weather,
  significantly for longer periods.
- Checking the weather forecast continuously is a form of risk monitoring. The farmer must also keep an eye on
  the market prices for the crops to monitor price risk.
Control:
- The objective of risk management is to control risks. When the potential risks are identified, measured,
  and monitored, then the final objective is to find out ways to deal with or control those risks.
- Every business must consider the size of the risk and compare it with the cost of controlling it. It helps
  in evaluating whether the risk is worth spending time and money on.
- Risks can be controlled through any of the four methods, which are transferring, treating, tolerating, and
  terminating.
Transfer:
- Did you know that risks can be transferred using contracts? Yes, this is possible through sales or insurance
  contracts.
- Continuing with the earlier example, one option could be an insurance policy for crops against adverse
  weather conditions.
- Another option is a sale contract which is usually suitable for high-value low probability risks.

Coming to the real-life events, when Russia invaded Ukraine in February 2022, companies that had close ties to Russia were unprepared. Many executives consider this event as a black swan event. Wondering what are black swan events? We have covered this topic in our previous blogs. For some, it is a grey rhino event. No matter how we classify it, the war in Ukraine is a high geopolitical risk that is still unpredictable.

Businesses face a lot of uncertainty which can lead to a possible collapse in confidence and an even higher risk of recession.

Expertise in risk management, data analytics, artificial intelligence, and other emerging technologies can help in mitigating the severe impacts of risk.

FRM course can help in building a successful career in the domain ofFinancial Risk Management. TheFRM coursecovers all the aspects of risk management in depth. To know more about theFRM course in IndiaandFRM course eligibility, feel free to contact our counsellors, who would be more than happy to assist you. All the best and happy learning.

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A Certified Public Accountant (CPA) is the highest standard of competence in the field of Accountancy across the globe. The Read More

31, May 2016

All Important About CFA® LEVEL 1 Syllabus

CFA® charter is one of the most exalted credentials of those who work in the financial sector or who make Read More

18, Jan 2016

All about Portfolio Management

What is a Portfolio? A portfolio can be defined as different investments tools namely stocks, shares, mutual funds, bonds, cash Read More

25, Nov 2015

Cost Management: Meaning, Techniques & Advantages

What is Cost? Cost is defined as the monetary valuation of effort, material, resources, time consumed, risk and opportunity forgone Read More

19, Oct 2015

How to get into Big 4 Accounting Firms?

We all have some career objectives and aspirations. For higher studies like MBA, CA, CPA, ACCA, CFA etc. one has Read More

13, Oct 2015

FRM Question Bank

For every exam, time management is very important and everyone wants a precise course content in a prioritized manner along Read More

29, Sep 2015

Top 10 Companies that hire CFA® Charterholders

A lot of hardwork and investment is required to prefix the words CFA® Program before your name and time and Read More

18, Aug 2015

Income Statement in detail

WHAT IS INCOME STATEMENT? The income statement is one of the important primary financial statements provided by organizations. It presents Read More

12, Aug 2015

KPIs for Business Analysts

A business analyst's role in an IT project is to ensure that all requirements of the client are captured and Read More

03, Aug 2015

Annual Report

What is an Annual Report: The single source of getting information about any company whether it is the past or Read More

01, Jul 2015

Capital Budgeting

WHAT IS CAPITAL BUDGETING? Capital budgeting is a company’s formal process used for evaluating potential expenditures or investments that are Read More

16, Jun 2015

Mergers and Acquisitions

What is Mergers & Acquisitions? Mergers and acquisitions (M&A) are defined as consolidation of companies. Differentiating the two terms, Mergers Read More

15, Jun 2015

Detecting Multicollinearity

"In my previous blog “ How to deal with Multicollinearity ”, I theoretically discussed about definition of multicollinearity and what Read More

26, May 2015

Analysis of Financial Statement of a Company

One of the major aspects while taking a right investment decision is to analyze the financial statements of any company. Read More

24, Mar 2015

8 Excel functions that every Data Analyst must know

Are you a data analyst or looking for a career as a data analyst??? Well then, today's article is dedicated Read More

24, Mar 2015

Duckworth-Lewis Method

Duckworth-Lewis method(D/L method) is a mathematical function defined to set and calculate the target score for the team batting second Read More

28, Feb 2015

6 Most Common Excel Errors

Hashtags look cool when seen on Twitter or Facebook but as soon as they start appearing in Excel sheet, you Read More

23, Feb 2015

Rule Precedence in Conditional Formatting

Conditional Formatting in Excel makes the things easier and user friendly, but at times it may also make it quite Read More

10, Dec 2014

Types of Investment Banking jobs

Investment banking is one of the most attractive industry to work in. not only for people with formal education in Read More

29, Aug 2014

FRM Part 1 syllabus

Shut your doors, drop the drapes on your windows and don't bother looking at the clock because it's always the Read More

20, Aug 2014

Ratio Analysis – Introduction

Introduction The term 'ratio analysis'refers to the analysis of the financial statements in conjunction with the interpretations of financial results Read More

20, Aug 2014

Ratio Analysis – Classification of ratios and Liquidity Ratio

In our previous blog post we discussed ratio analysis. In this blog post we will explain classification of ratios and Read More

23, May 2014

Bootstrapping Solution

What is the Bootstrapping method? Bootstrapping is a method for constructing a zero-coupon yield curve from the prices of a Read More

13, Nov 2013

Dell’s Leveraged Buyout: A Real-life Case Study

Acquisitions Acquisitions or takeovers are a transaction or process wherein one company (commonly called as acquirer) or an investor acquires Read More

08, Aug 2013

Cash Flow Statement: Learn to create Cash Flow Statement Template in Excel

What is a Cash Flow Statement? In financial accounting, a Cash Flow Statement, also known as Statement of Cash Flow, Read More

07, Feb 2010

CFA® Program from ICFAI (India) Vs CFA® Program from CFAI (US)

You have decided that you are going to pursue CFA & reg; but now the question that arises is, whether Read More

Objectives of Risk Management - Edupristine (2024)