What do you understand by “risk management”?
Risk management is the process of taking stock of the various risks that an entity or an individual is exposed to and then decides how to manage these risks. Risk management can be said to be either by conscious risk avoidance, risk absorption or risk transfer. Insurance is a risk transfer tool.
Risk management is the process of taking stock of the various risks that an entity or an individual is exposed to and then decides how to manage these risks. Risk management can be said to be either by conscious risk avoidance, risk absorption or risk transfer. Insurance is a risk transfer tool.
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