Though Risk Management is widely seen as a high priority and a strategic tool among companies, KINDUZ Consulting analysis of its clients reveals that only 66% build it into strategic planning and decision making. Analysis also revealed that lack of risk management skills is the main obstacle towards integration of risk and control functions in companies. Business Managers need more motivation to make risk-aware. Analysis of the GeNeX assessment Data indicates that risk management skills lie at 36% for Executives, 57% for middle and 78% for senior managers.
Risk in general is defined as an uncertain event or condition that if it occurs, has an effect on outcome or deliverable s. And Risk management is the identification, assessment, prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
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