Concept of risk identification, analysis, retention and application of enterprise risk management with reference to indian industries

Risk is the possibility of losing something of value. Value can be gained or lost when taking risk resulting from a given action or inaction, foreseen or unforeseen. All investments involve some degree of risk. In finance, risk refers to the degree of uncertainty and potential financial loss inherent in an investment decision. Enterprise Risk Management-a plan based business strategy that aims to identify, assess and prepare for any dangers, hazards and other potentials for disaster-both physical and figurative that may interfere with an organization‘s operations and objectives. Project managers and other professionals who work with ERM focus on assessing the risk relevant to their industries prioritizing those risks and making informed decisions on how to handle them. The world has changed in the last decade. From an explosion of information, technological revolutions, digital transformations to the rise and fall of large business institutions, the global economic meltdown, regulatory tightening, all outpaced by the evolution of newer and more ominous forms of risk.