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Explain about the process of managing risk.
A process of managing risk:1. Risk committee establish to address risk issues categorised for example usual risk audits, to estimate and identify the likelihood and effects.
2. Risk register kept those documents:
• All categorised risks ranked and prioritised.
• Significance and effect of each risk reported.
• Allocate responsibilities to individuals to manage various risks identified as an example of greater accountability.
• Documentation of measures and actions to be done for each risk, into the event that occurs for example risk management strategies.
3. Existing methods for risk management reviewed and refined over time for example like continuous enhancement.
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Importance of Materials Management The primary and secondary objectives listed above should themselves give us clear idea about the importance of materials management
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