This essay focuses on identifying and controlling threats. organization faces the risk of unexpected, harmful events that can cost the company money or cause it to permanently

identifying and controlling threats

a management question and need support to help me learn.
1. Discuss four steps in risk management process

a risk management plan increasingly includes companies’ processes for identifying and controlling threats to its digital assets, including proprietary corporate data, a customer’s personally identifiable information (PII) and intellectual property.

Every business and organization faces the risk of unexpected, harmful events that can cost the company money or cause it to permanently close. Risk management allows organizations to attempt to prepare for the unexpected by minimizing risks and extra costs before they happen.

an organization can save money and protect their future. This is because a robust risk management plan will help a company establish procedures to avoid potential threats, minimize their impact should they occur and cope with the results. This ability to understand and control risk enables organizations to be more confident in their business decisions. Furthermore, strong corporate governance principles that focus specifically on risk management can help a company reach their goals.

Other important benefits of risk management include;

• Firstly, Creates a safe and secure work environment for all staff and customers.
• secondly, Increases the stability of business operations while also decreasing legal liability.
• thirdly, Provides protection from events that are detrimental to both the company and the environment.
• Protects all involved people and assets from potential harm.
• Helps establish the organization’s insurance needs in order to save on unnecessary premiums.

2. Discuss any four types of hazard.