Risk management refers to the practice of identifying potential risks in advance, analysing them and taking precautionary steps to mitigate/eliminate them. Thus, risk management is simply the practice of systematically identifying and understanding risks and the controls that are in place to manage them. Risk is defined as the chance of something happening that will have an impact on objectives. Whatever may be the type of risk, there is a need to manage it. For this, there should be a risk management strategy which maximises shareholders'' risk- adjusted return. The management of risk is an integral part of good corporate governance. The primary reason for managing risk is to enable agencies to successfully achieve their goals. Risk management ensures that an organisation identifies and understands the risks to which it is exposed. Risk management also guarantees that an organisation creates and implements an effective plan to prevent losses or reduce the impact, if a loss occurs. Risk management has assumed greater importance in the backdrop of failure of many banks globally. This book explains and examines various aspects of risk management practices and strategies in areas concerning banking, foreign exchange, insurance and credit derivatives.
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