This episode of the Mastering Risk Management Podcast Chats addresses a common misunderstanding we see when talking to organisations that have reached the stage of making a decision as a result of their risk analysis / evaluation.
Do we accept the risk, treat the risk, transfer the risk or not proceed with the activity that could see the risk eventuate (i.e. reject the risk)?
One of the issues we commonly see if the misconception that for risk management to be deemed successful, every risk has to be reduced to the lowest possible level. This is not only not true, but it is also not feasible.
Have a listen to this episode to discover why and what you need to take into account when making the decision to treat a risk (or not).
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