Risk management is “the series of activities, methods and resources coordinated to guide and keep under control an organization with reference to risks” (ISO Guide 73:2009 - Vocabulary).
The function of Risk Management is to protect and increase the value of a business to the advantage of its stakeholders, supporting the objectives through the preparation of an organized framework which allows for coherent and controlled development of every future activity, the improvement of the decisional process, the planning and creation of priorities through a complete and structured understanding of the activity.
Risk Management contributes, in addition, to a more efficient use and allocation of resources within the organization, to the protection of capital, of the image of the company, of the know how of the organization and its key people, as well as optimizing the operative efficiency.
Risk Management is a continuous process, gradual and proactive which involves the corporative strategy and must be integrated into the culture of the organization by means of a targeted policy by the senior management, which delegates specific responsibilities and roles within the company. A global approach to risk management allows a company to consider the potential impact of different types of risks on the company’s business, on the activities, on the operators, on the products and services.