December 1, 2017 - Risk Management is the identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. Risk management goes hand in hand with critical thinking. The effective risk manager is able to anticipate a potential problem before it explodes into a crisis. An effective risk management program can be the difference between a thriving business and a devastated business. The benefits of a risk management system include, reduction in management time spent in crisis management, fewer sudden shocks and unwelcome surprises, more efficient use of resources, reduced waste and fraud, better service delivery, improved innovation. And improved good will and reputation