Introduction to Risk Management
By Marc Ronez, Managing Director, ARiMI

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From that perspective, Risk Management is the process which aims to help organizations understand, evaluate and take action on all their risks with a view to increasing the probability of their success and reducing the likelihood of failure.

However, it must be noted that over the last three decades, a narrower, definition has been and is still widely used and risk management has tended to focus on the assessment and control of risks associated with major hazards of a natural or a technical nature. Potential hazards were identified and their likelihood of occurrence analysed. Risk Management in this sense emphasised the 'expected' loss, with little attention to the benefits of taking a risk.

At ARiMI, we believes that, more than this, risk management is a vital decision-making tool in modern industry and business. All decisions involve elements of uncertainty and there are risks inherent in most of the key issues facing industrial managers today. The ability to understand these risks, and manage them effectively, is therefore an important ingredient in successful management.

This belief is based on the understanding that management is synonymous with decision-making and that all organisational decision-making involves the investment of resources capital to achieve acceptable levels of return. Management of such decision-making is Risk Management in the widest sense.

At ARiMI, we aim to be at the forefront of this approach, exploring new risk management ideas that will bring the greatest possible benefits for industry and business. In our research, we assess many new concepts, models and techniques, as well as examining the different areas where these techniques can be effectively applied.