Risk management is a process in which risks are identified and controlled proactively. It allows businesses to improve their chances of success by minimizing threats and maximizing opportunities. Risk management is essential to a business as it helps prevent financial losses and increase revenue. Other benefits of risk management include, Help to identify projects that might be headed toward trouble and apply solutions Help to prepare for unexpected threats beforehand Help to provide enough data to make better decisions regarding projects/ events Help to improve communication between stakeholders and project teams Help teams stay more focused on the key
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