In its purest form, risk management is the identification, classification and prioritization of risks. This is generally done in tandem with efforts to monitor, control and mitigate the risks.
Risks themselves can be from factors internal to the project, such as the adoption of a new technology, team members that are new to the project manager, or resource constraints and internal dependencies. Additionally, risks can also be external, such as competitive pressures, legal liabilities and accidents.
The sheer number and type of risks that may (or may not) factor in to a given project gives a good idea of how complex and problematic risk management can become.
Risk management is a very broad field and often requires a very specialized knowledge set and background to perform adequately. KEU has realized the need for Risk Management in their current portfolio of products provided.
This service will provide KEU, brokers and clients an insight into the realism of Risk Management and the benefits of having a service provided at no cost to either the Broker or client.