(A conversation with Paul Archer)
About Risk Management
The discipline of risk management involves the application of strategies for identifying, assessing and managing threats to institutions’ interests, primarily its material assets. Risk management has assumed a considerably greater significance in the information technology age, given the advent of data-related risks, and the need to develop specialised risk management strategies to respond to these.
SB: How would you define risk management?
PA: Simply put Risk Management is the process of identifying, assessing and controlling the opportunities and threats to an organisation’s earnings and assets. In the risk management framework of an organisation, identified risks are constantly reviewed and monitored to continually improve the management of risks throughout the organisation.
