In the unpredictable landscape of modern business, where risks can arise from disruptive technological innovations to evolving regulatory landscapes, a proactive approach is essential. These risks pose significant threats to operations and impact long-term sustainability and strategic objectives. Navigating such unpredictable situations in this ever-changing world requires a structured and proactive approach. This is precisely where the Risk Management Lifecycle (RML) emerges as a critical organizational framework. It provides a systematic method to identify, assess, mitigate, and monitor risks as they evolve and multiply. Mastering this lifecycle is beneficial and essential for businesses aiming to maintain resilience and drive growth amidst constant change.

What is Risk Management?

Risk management is a structured approach for detecting, assessing, prioritizing, and mitigating potential risks that could impact an organization’s goals, initiatives, operations, or assets. This approach includes the methodical assessment of recognizing threats, evaluating their likelihood and potential consequences, prioritizing them based on severity, and implementing strategies to reduce or manage those risks.