Review and evaluate is an important step in the risk management process because conditions change and mistakes may be identified. it is nearly impossible to evaluate risk effectively. of the challenges in identifying small business risks. of the difficulty in selecting effective methods.

Question

Jamal Frazier

Business

25 March, 12:31

Review and evaluate is an important step in the risk management process because conditions change and mistakes may be identified. it is nearly impossible to evaluate risk effectively. of the challenges in identifying small business risks. of the difficulty in selecting effective methods.

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Answers (1)

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Brian · Answer 1

Conditions change and mistakes may be identified.

Explanation:

Risk Management process refers to formulation and implementation of those decisions which can mitigate the possibility of pure risk events and minimize the losses arising out of accidental events.

Pure risk events refer to those those events, the occurrence of whose can only result into losses or no losses and there can be no possibility of gains.

Risk management process is devised to access the risks and evaluate their possibilities of occurrence and if possible reduction of those risks and events to the minimal so as to minimize the possibility of losses which may arise due to them.

Review and evaluation step in risk management process relates to analyzing and evaluating the activities of a risk management process so that mistakes and errors maybe identified when the conditions change.