What is the definition and objectives of risk management Risk Management Assignment, ADU, Saudi Arabia

Introduction to Risk Management

• What is the definition of risk management?
• What are the objectives of risk management?
• Describe the steps in the risk management process, by application to your
  University’s risks?
• What do you mean by evaluation of the loss exposure unit?
• Why do you have to review the risk management program continuously?
• Explain, how can you manage your family’s risks?

Introduction
It is known that each individual, family, firm, or other organization faces a lot of risks. Consequently, the risks that large organizations and firms face are so important that specialized management known as risk management has developed.
Risk management in any organization is managed by a person who is called “the risk manager”. Risk management is a scientific approach to the problem of dealing with pure risks faced by individuals and businesses. Hence, large firms, particularly, in European countries and the United States of America (U.S.A) have developed risk management in the same style as marketing management, financial management, personnel management …. etc.
The responsibility of risk management in any organization may be considered
identification the exposure units in the organization that create pure risks and
designing programs to handle them.