FROM TRADITIONAL TO DYNAMIC: EXPLORING NEW DIMENSIONS IN BUSINESS RISK MANAGEMENT

Abstract

Business involves a large variety of decisions in an environment of uncertainty which, in turn, involve a Variety of business risks. Such risks occur as per arise uncertainties concerning the occurrence of a loss which may be due to 

(i) variability in future outcomes, 

(ii) possibility of an adverse deviation from that hoped for and/or 

(iii) variation in possible outcomes that exists in a given situation'. There can be a variety of loss exposures like loss exposures for property, liability, business income, human resources, crime, employees' benefits and foreign loss exposure. These are due to exposure of the business enterprises to a variety of risks, such as, competitors risk, economic risk, environmental risk, resources risk, technological risk and financial risks including counterparty, funding, currency and interest rate risks.