What is risk control? Explain the 5 strategies of risk control.
What is risk control? Explain the 5 strategies of risk control.
Business functions in an environment that is dynamic in nature. The factors in the environment keep on changing that impose pressure on the businesses to change as well. As a result, the businesses need to adapt according to the changes that take place in the environment. This often involves some kind of risk. Risk can be defined as the uncertainty that is associated whether a particular decision would turn out to be beneficial or not. Organizations need to scan and assess the business environment in order to observe and monitor the risks. As a result, risk monitoring and controlling techniques should be used.
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