Risk Management

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Risk management is one of the important development and establishment tools for all organization these days. Every type of organization whether it is public or private plan for likely and unlikely risks and tries to avoid these risks through all types of available resources in hand.

In this report, a proper review of literature has been presented, it is stated in different studies public organizations face certain challenges and with the help of all the procedures, standard, laws and policies, they avoid those challenges and risks.  The major risks to the organizations are of three types like strategic, operational, and environmental risks. Public organizations have strong plans for operational and strategic risks such as financial loss, property damage and incompletion of a project. One of the major risks such as state-wide risks is not possible to avoid easily. These risks are included floods, earthquakes and heavy harmful rains. These sorts of events can hinder the plans and implementation process in a big way.