You may want to try the following paper. I think it would be helpful.

Affect, risk, and decision making.

P Slovic, E Peters, ML Finucane… - Health …, 2005 - psycnet.apa.org

yes

First identify hazards, assess hazards, develop controls, Implement controls, Manage and Evaluate and make Risk Based Decisions. Using "Data" on the possibility for one or more unwanted outcomes with consideration of possible losses for any set of stakeholders. check out my article " Risk Matrix the weakest Ling at https://www.linkedin.com/pulse/risk-matrix-weakest-link-dennis-evans/

With the risk management - instutions or enterprises (enterprise risk management) ; they extract business processes - forexample if its a bank credit service/insurance service/account/collection.... , in each business process there are sub-activities, companies rate thesesub activities by using risk matrix (high, medium, low), also companies decide risk appetite for the sub activities, - forexample one activity can include high risk but the company can have high risk appatite to it / like seeing big income on one ivestment, to all this process we use internal control system, with the matrix and rating a company say stop the activitu-cont

(Sorry area was not enough) they eather stop the activity, continue the activity even with high risk, can share the risk like making insurance, internal audition also helps to companies on this process by consultancy, all the reports are like proposal - last decision made by senior managers. Hope it was helpfull

In essence risk management is all about "resource allocation". By means of a fine "Risk Management System" it is possible to allocate the available resources to treat and deal with risks according to the severities of the risks. In this regards risk management is directly linked with decision making. Risk management is a decision making process itself where you decide how to manage your risks and how to allocate your resources.

good

Sometimes the best we can hope for is to equip intelligent decision makers with good information based on a number of decision factors and the interests of stakeholders. On average, and over time, good decisions made through this process should provide the best outcomes. They will also provide logical explanations for decisions when the outcomes are not favorable.

The risk management is basically a profiling tool for decision-maker. Than we come to the issue if it is an automatic decision making, so that respective criteria triggers a specified decision, or in case of conventional decision making it just provides a decision-maker with better structured data, or limits his or her discretion.

Dear Mr. Elshaikh!

You raised an important topic to consider. I approach this question from a COVID-19 case - study viewpoint:

1) Settembre-Blundo, D., González-Sánchez, R., Medina-Salgado, S. et al. Flexibility and Resilience in Corporate Decision Making: A New Sustainability-Based Risk Management System in Uncertain Times. Glob J Flex Syst Manag 22, 107–132 (2021). https://doi.org/10.1007/s40171-021-00277-7 Open access: Article Flexibility and Resilience in Corporate Decision Making: A N...

2) A special study:

Gernelyn Logrosa et al. 2021. Integrating Risk Assessment and Decision-Making Methods in Analyzing the Dynamics of COVID-19 Epidemics in Davao City, Mindanao Island, Philippines, Risk Analysis An International Journal Early View, Free access: Article Integrating Risk Assessment and Decision‐Making Methods in A...

Yours sincerely, Bulcsu Szekely

The most important aspect of Risk Management lies in identifying the risks. This is followed by their assessment/evaluation, treatment and monitoring & reviewing.

Every decision has to be an informed decision so that actions initiated culminate in desired results. Hence it is important to identify existing as well as potential risks in Risk Management. This helps form a comprehensive view of the overall risk matrix of a business, which in turn helps make an informed decision. It is important to understand the dynamic nature of risks, which make it necessary to have a flexible and proactive Risk Management strategy.

On this background, the impact of Risk Management is definitely positive and can provide windfall benefits to its practitioners.

YES