Risk is innate to the operations of any organization. It should be not ignored, but properly managed to prevent negative events, which could cause adverse changes for the organization. The scope of risk to be managed is organization specific and it can concern strategic, financial and operational risks together with risk connected to fortuitous events.
Responsibility for risk management lies with the executive management and is an integral part of an organization’s day to day functioning. Risk management helps to manage an organisation in a more effective way by helping decision-makers to make choices on the basis of tangible information.
e-risk is a well-matched tool that facilitates control of the entire risk management process and enables a quick flow and access of information concerning identified risks. This improves the complex risk evaluation and analysis processes, influences the lowering of risk management costs due to the minimization of the time needed to conduct an evaluation, prepare reports, and generate the breakdown and analyses of current, as well as historical data.