Understanding Risk Management: Identifying, Mitigating, and Monitoring Risks

Risk management involves identifying and reducing threats, uncertainties, or unfavorable events that could affect company performance. It includes identifying risks, avoiding or tolerating them, and following a process of analyzing operations, identifying risks, developing mitigation plans, implementing them, and monitoring for risk events to adjust accordingly.

How do companies monitor the occurrence of risk events?

What should be done if a risk is unavoidable?