When an organization implements effective risk management, it supports business and strategic planning, support proper utilization of corporate resources, protect corporate specific objectives and goals, and improve budgeting, and decision making. As a result, the organization becomes more confident about the future and the current decisions that they make. Furthermore, it creates a secure and safe business environment that favorable to both the customers and the employees as risk management also enhances communication amid stakeholders and directors (Almeida, et al., 2019). This will make the business operations more stable by reducing legal liabilities. Appropriate risk management mechanisms will also help protect the organization from harmful and detrimental events by securing all the people and assets involved.

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