ABSTRACT
Our lives are shaped by threats and uncertainty. These events and situations represent the risks we face of gaining or losing something of value (such as property, money, health, and life) and are universal. Any risk inherent in a situation relates mainly to the uncertainty and variability that results from specific actions. Managing business risk is a complex task that has as its ultimate goal minimizing the damage a crisis can inflict on an enterprise's operations, services, and stakeholders. Businesses face a variety of challenges in monitoring and managing the consequences of risks. Businesses need to recognize that crises are fertile opportunities for learning and changing, if an enterprise is well prepared to cope with the hazards that it confronts. Risk management frameworks create an environment that enables a business to manage external and internal threats, anticipate the possibility of a crisis, and prepare properly.
