**3. Integrated approach to risk**

258 Risk Management – Current Issues and Challenges

risks.

activities.

to ensure avoiding or minimizing risks;

**2.5. Effectiveness of risk management** 

ensure their maintenance at acceptable levels.




The benefits of implementing the risk management process include:




minimizing loss, and also treating opportunities in a favorable manner.

internal control, but also connected with performance management6.

where the system is operating.

Policies and strategies that may be adopted regarding the organization plan are related to:



Given that risk can be identified, evaluated and limited, but never completely eliminated, the organization must develop both general policies and specific policies to limit exposure.

The activity of an organization is characterized by all processes, procedures, inputs, outputs, resources (financial, material, human and informational) and technical means for recording, processing, transmitting and storing data and information on activities and environment

By internal/management control programs prepared each functional structure should identify the risks they face, and by using procedures and risk management policies to

Risk management is an ongoing, structured process, that allows identifying and assessing risks and reporting on opportunities and threats affecting the achievement of its objectives.

The organization's management and staff perform risk management activities in order to identify, assess, manage and control all types of events or situations that may affect its

In the world today has become increasingly more imperative for corporate managers to monitor and manage risk5 in all aspects. A good risk management means avoiding or

Risk management is necessary because organizations face uncertainty and the biggest challenge of the leadership is to determine what level of risk it is prepared to accept to

Risk management is an essential component of the organization's success and must become an intrinsic part of its functioning. It must be closely related to corporate governance and

achieve its mission, in order to add value to activities and to achieve planned goals.

Integrated risk management process is designed and set by the management and implemented by the whole staff within the organization. This process is not linear, a risk management may have impact also on other risks, and control devices identified as being effective in limiting a risk and keeping it within acceptable limits, may prove beneficial in controlling other risks.

Risk management currently knows an appreciation and recognition increasingly large, both in theory and practice, which means, on the one hand the increase of number of specialists in the field, and on the other hand the interest of managers within organizations to design and implement effective risk management systems to meet the objectives.

Mastering risk determines organizational development, performance growth, both generally, of the whole organization and also of individual activities.
