Risk management is a continuous, forward-looking process of identifying risks, assessing exposures and developing appropriate action plans to ensure they are managed in a way that will enable an organization to meet its business objectives.
A continuous risk management approach is applied to effectively anticipate and mitigate the risks that have critical impact on the initiative. It also plays a key role in supporting effective decision-making and strengthening accountability. Effective risk management includes early and aggressive risk identification through the collaboration and involvement of relevant stakeholders.