Comprehensive risk management in a business
Comprehensive risk management in a business

Summary/Abstract: A comprehensive approach constitutes a new paradigm of risk management in a business in the current conditions characterized by turbulence and uncertainty of the business environment. It results from the evolution of the risk management concept, whose origins can be traced in the insurance activity and then in what is referred to as the dispersed (fragmented) approach. Comprehensive risk management concerns all types of risks identified in the business functional areas. It is realized on a continuous basis at all management levels and co-ordinated across the company. Comprehensive risk management should take account of both pure and speculative risk management on the one hand, and operational and strategic risk management on the other. It is not only comprehensiveness that matters – the risk management strategic and integrated character is also important, which means that risk should be incorporated into the process of the business management.

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