The aim of risk management program is to help mangers to apply risk management principles consistently throughout their work process. Resources will be more effectively utilized if identification and assessment of risk is carefully and clearly done. Risk Management aims at achievement of authority’s strategic and operational objectives, controlling and monitoring and evaluating the potential consequences by identifying the significant risk. Avoiding threats and taking advantage from the opportunities is also the task of risk management.
Risk Management goes and passes through all the activities including strategic and operational. The aims of risk management include the following:-
- Security of the assets of the organizations.
- Security of well being of employees and users.
- Protecting the reputation and image of organization.
- Preventing from litigation and criminal prosecution.
- Preventing from corruption, fraud and financial losses.
- Minimizing the overall cost of the risk to the organization.
- Protecting the quality and service delivery.
- Managing organizational, political and technological changes.
- Ensuring the integrity of the organization.
- Ensuring sound ethical conduct and probity.