The purpose of risk management is to identify, reduce and recover from the impact of risk by devising risk management. This takes place in two parts, the first constitutes risk assessment and the second risk mitigation. Estimation of all the risks involved in the business functions is done in risk assessment and procedure to minimize the impact and reduce the likelihood of risk is done in risk mitigation. To assess the risk, therefore, we must assess all the threats to the organization and the extent to which the organization is vulnerable to these threats. After which the organization is required to determine its level of risk tolerance and the recovery time to limit the impact of the risk. In simple terms the risk assessment involves the steps of identification, description, assessing, mitigating, reviewing and reporting. Executing these steps will give a comprehensive picture of how exposed the organization is to the risks and how long would it take to recover and return to normalcy.
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