A Modern Approach to Managing Organizational Risks

The risk management framework consists of five key phases: identification, analysis, prioritization, treatment, and monitoring. Digital systems improve efficiency by centralizing data, enhancing visibility, and enabling automated risk management. The process begins with identifying risks in areas such as legal, environmental, market, or regulatory factors. Next, a detailed analysis assesses the risk's impact on the organization. Risks are then ranked based on severity, allowing decision-makers to prioritize effectively. While manual systems require extensive documentation, digital solutions streamline the process by integrating data into a centralized system.