What do we mean by risk?
Risk is the possibility of losing something of value. Values (such as physical health, social status, emotional well-being, or financial wealth) can be gained or lost when taking risk resulting from a given action or inaction, foreseen or unforeseen (planned or not planned).
What is risk management?
Risk Management refers to the practice of identifying potential risks in advance, analysing them and taking precautionary steps to reduce/curb the risk.
There are 5 main ways to manage risk: acceptance, avoidance, transference, mitigation or exploitation. Here's a detailed look at each of them.
5 Ways To Manage Risk
- Accept The Risk. ...
- Avoid The Risk. ...
- Transfer The Risk. ...
- Mitigate The Risk. ...
- Exploit The Risk.
What is the definition of insurance?
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
Managing Risk is the most important factor for a stable financial well being of a person/ family.
Not managing risk properly could create a situation where a person/ family could loose a substantial portion of its wealth.
We at Roongta Securities understand the importance of Risk Management and the role insurance plays in managing risk efficiently.
Roongta Securities through its associates, facilitates its clients with appropriate Insurance Solutions.