Answer to Question #165610 in Finance for Andrick angel

Question #165610

What is risk management? Discuss the two major ways in which exposure can be managed or reduced


1
Expert's answer
2021-02-22T13:58:58-0500

Risk management refers to the practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce/curb the risk.

Two major ways in which exposure can be managed or reduced:

  • management of Internal Risk (human factors, technological factors, and physical factors)
  • management of External Risk (economic factors, natural factors, and political factors)

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