Risk management, in turn, is the set of actions adopted to prevent the company from being affected by uncertain or unforeseen events, whether internal or external. Broadly speaking, it can also be understood as the failure to take advantage of positive scenarios, which leads to losses.
Therefore, risk management is based on identifying uncertainties or benin phone number list in processes, estimating what damages may arise from this and what can be done to reduce the chances of these possibilities coming to fruition.
Imagine, for example, a factory that does not certify the condition of its electrical wiring. In this case, good risk management will ensure that this problem is resolved, mitigating the chance of a fire;
The same goes for finances: good risk management can estimate the chances of a drop in revenue in a given period and project which measures the finance department should take to minimize the problem, if it actually happens.
Risk management and compliance almost always work hand in hand, as this increases the results obtained. While compliance reinforces the need for all processes to be carried out in accordance with the law, risk management maps and calculates the unforeseen events that may affect the company.
Therefore, it is possible to state that a compliance program cannot operate without risk planning and vice versa. Compliance indications in compliance processes alleviate the work of risk management, since some of the problems are avoided only by adopting these operating parameters.