Fundamentals of Risk Management Part 2 The Risk Management Research

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This video covers the benefits of risk management, what are enterprise risk management and the differences between enterprise risk management and Silo risk management. The benefits of risk management are reducing earning volatility, maximising shareholders' value, reducing surprises, better decision-making, capital optimization and enhanced profit. • The Risk Management Research | Sonjai Kumar • #Risk, #riskmanagement, #Enterpriseriskmanagement, #riskanalysis #Riskculture • #RiskAppetite, #RiskFramework, #riskidentification, #riskstrategy • Hello friends welcome to my channel the risk management research today I am coming up with fundamental of risk management part two what I have done is I have broken down fundamental of risk management videos into the three parts of a small video so that it is easily digestible in our first part we have seen that what the risk is what is the definition of the risk management and what are the challenges in understanding the risk in this video we are coming up with benefits of risk management what is enterprise risk management and what is • 00:44 • the difference between Enterprise risk management and The Silo risk management in the third part we shall discuss the risk management framework the Koso risk management framework risk management process risk appetite and three lines of defense let's look at you know uh the risk management in the context of business and um generally you know uh in in the modern days uh risk management is mostly associated with the financial institutions like banking uh Insurance mutual fund where know wherever there's a financial um transaction are going on • 01:32 • uh but uh that is not true because risk is everywhere and uh every organization has got certain Vision uh they have got you know they are in the business because they want to create certain value and the certain brand for themsel and that is why they are in the existence so uh therefore uh whenever an organization you know uh has got uh know their their entity so they have got a vision Vision you know something which is know is a state where you know they want to reach and then you know there's a mission so in the context • 02:14 • of the vision and the mission there is you know the strategy strategy is you know the high level plan to achieve one or more goals under the uncertain conditions so every organization whether it is the financial institution or it is is not a financial institution they have certain objectives to meet because it is all you know about the futuristic thing that the compan is existing and know they have to achieve um certain Vision into the future and they are creating a strategy to achieve those objectives th those visions and therefore the risk • 02:52 • exist for all the organizations and all the organizations need to have risk management functions and this they should have uh risk you know the chief risk officer in order to manage the risk so if we look at the risk you know the uncertainty about the future not achieving the vision and the mission failure to execute the strategy so what is the risk for any organization irrespective of whether it is a financial institution or it is not a financial institution it is the uncertainty you know the future is always going to create the uncertainty • 03:29 • so what what it can you know do it can basically not the organization not able to achieve the vision we have seen uh if you look if you go back around year 2000 uh we had so many uh organizations you know those were existing that time and but now we don't see their names their names you know have been vanished um it's you know that there was an uncertainty and uh the vision they wanted to achieve you know they have not been able to achieve achieve it so it is not you know just the financial institution but uh it is you know with • 04:07 • all the organization and it can happen with you know any of the three things one you know the Mission Vision or strategy uh strategic risk is something which many organization misses it out because uh this is uh people generally you know uh misinterpret between the risk and the Strategic risk uh maybe I can take up you know the session on the Strategic risk separately and the management of uh these you know these risk management is the mitigation action so any organization who is existing has got you know a certain brand value uh they have • 04:52 • to have you know the risk management activities to you know to manage the risk and that's how uh the risk management you know exist in the context of the bus in the context of business though risk management is basically more coming you know in a in in recent years uh particularly after so many crisises uh 2008 economic crisis covid-19 and uh we have been seeing you know various other um failures of banks uh and insurance companies in the different parts of the world world let's uh move on now when you know uh what are the

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