The Epsilon

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Risk Management
Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives. Proper risk management implies control of possible future events and is proactive rather than reactive. Risk Management Systems are designed to do more than just identify the risk. The system must also be able to quantify the risk and predict the impact of the risk on the project. The outcome is therefore a risk that is either acceptable or unacceptable. The acceptance or non-acceptance of a risk is usually dependent on the project manager’s tolerance level for risk. If risk management is set up as a continuous, disciplined process of problem identification and resolution, then the system will easily supplement other systems. This includes; organization, planning and budgeting, and cost control. Surprises will be diminished because emphasis will now be on proactive rather than reactive management.
Risk Response generally includes:
	Avoidance…eliminating a specific threat, usually by eliminating the cause. Mitigation…reducing the expected monetary value of a risk event by reducing the probability of occurrence. Acceptance…accepting the consequences of the risk. This is often accomplished by developing a contingency plan to execute should the risk event occur.
The purpose of risk management is to:
	Identify possible risks. Reduce or allocate risks. Provide a rational basis for better decision making in regards to all risks. Plan.

Contact Us

The Epsilon (Registered Office)

FF20 Kalpvrux Complex, Gotri Road,

Vadodara - 390 022

Gujarat - India

Cell No: +91 982 599 4413

Email US: resolution@the-epsilon.com

Website: The Epsilon

The Epsilon (Factory Address)

4011, Vatva GIDC

Ahmedabad

Gujarat - India

Cell No: +91 982 599 4413

Email US: resolution@the-epsilon.com

Website: The Epsilon