Master the 2026 CRISC Challenge – Grab Your Risk Control Superpowers!

The description of risk management that states it is "the process of identifying, assessing, and controlling risks" accurately captures the essence of what risk management entails. It involves a systematic approach where organizations evaluate potential risks that may impact their objectives, assess the likelihood and impact of those risks, and implement measures to mitigate or control them.

This definition emphasizes the proactive nature of risk management, highlighting its role in safeguarding an organization from uncertainties that could hinder its success. Unlike strict compliance with regulations, which may not necessarily address all types of risks, or a focus solely on profitability, risk management's broader scope ensures that various risks—whether operational, financial, strategic, or compliance-related—are considered and managed effectively. Additionally, while employing advanced technology is a vital aspect of risk management, it is just one of the tools used to control risks and does not encompass the entire process involved in risk management.