Risk management offices in United States are responsible for the identification, assessment, and management of enterprise risk. These offices typically work in tandem with other departments, such as marketing and finance, to ensure that the company is taking all necessary precautions to minimize the chance of financial ruin.
One of the primary goals of a risk management office is to ensure that all potential risks are identified and accounted for. This can be a difficult task, as companies often operate in complex and rapidly-changing environments. In order to identify and assess risks, risk management offices often use a variety of tools and techniques, including risk assessment scales and models, risk analysis reports, and scenario planning.
Once risks have been identified, management typically seeks to determine the likelihood of each event occurring and the impact it would have on the company. This information is then used to develop risk mitigation plans and policies.
While risk management offices are ubiquitous in the United States, their approach to risk management may vary somewhat from company to company.