Question

. Discuss Four differences between risk and crisis Management. list them as 1, 2, 3, and 4.

Answer 1

Four differences between risk and crisis Management :

1. Difference in Means :
Crisis management refers to the processes carried out by an organization to deal with any unforeseen event that may have a negative impact on the operations of that organization. In contrast, risk management involves all those processes that are carried out to identify any potential risks that the organization may encounter in the future and the steps that could be taken to mitigate those risks and minimize the impact of those events on the organization.

2. Type of process :
Crisis management is a reactive process, that is, it is carried out as a reaction to an adverse event that has already occurred within the organization. On the other hand, risk management is a proactive approach that is carried out to handle any events that may occur within the organization in the future.

3. Purpose :
The objective of crisis management is to alleviate the tensions that may arise within an organization because of the crisis that it is facing. On the other hand, the goal of risk management is to identify, understand and plan for dealing with the risks that an organization faces.

4. Kinds of events :
Crisis management pertains to those events that are not known and unforeseen. The organization is not aware of when and how they will surface. On the hand, risk management is carried out on potential events that the organization may face in the future.

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