Solved: What if we do not practice risk management? What are the myriad of implications?

What if we do not practice risk management? What are the myriad of implications?

Expert Answer

every business carries some kind of risk, some of they can be avoid and some other can not be avoid. in technical terms they are called as systematic risk and unsystematic risk. unsystematic risk can be avoid, which every business firms thinks that it is avoided and no need to be worry about this.

but when it comes to unsystematic risk, which can not be avoid but should face the consequences. if we prepared well to face the risk aspects, then we can get right outcomes with the right strategies. risk management practices help firms to overcome the systematic risk and get better results from these activities. the risk management helps the firms to reduce cost and time, better planning of resources, it creates new opportunities even in tough conditions, and helps to better use of resources.

the limitations are, complex in estimation of risks, and difficult to identify the outcomes. some times it may create fear among the business stakeholders, which may leads to complete failure of business because of these over reactions.

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