INTERNAL TALK 41: RISK MANAGEMENT - DR. DUONG NGOC DUNG

15/ 07/ 2022

Everyone has known and experienced, life is not a beautiful smooth and easy road. Depending on each individual situation, there would be different opinions about it. Presently, we might feel that everything is going well but that does not mean it would last forever. Risk is something that is always lurking to happen at any time and we cannot prevent it completely.

Currently, there is no unified definition of risk because each individual would give a different. These definitions are varied but the focus can be divided into two majors: the traditional and the modern.

 Risk consists of 3 factors: Probability, Impacts on objectives, Duration. The nature of risk is uncertainty, so if it is certain (probability is 0% or 100%), it is not called a risk.

Risks can occur for a variety of reasons. However, we can group them into two causes, which are objective causes (natural disasters, epidemics, environmental problems, risks in the process of scientific and technical development) and subjective causes (usually from people).

However, the reality must be acknowledged that the risk, whatever happens for any reason, causes the loss of income, life, health and property of people.

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