Risk management serves as a tool for categorising and responding to risks, as well as for maintaining control over realworld situations, the effectiveness of actions, and regulatory compliance. Effective risk management introduces a fresh perspective on a company's internal and external exposures, whether projected or past. To be sustainable and effective, the risk assessment process should be straightforward, practical, and easily comprehensible, with strong support from management and adequate resources.

Given the statement above, critically discuss the concept of risk as it applies to your chosen entity. Suggest strategies to deal with the specific risk issues faced by your chosen entity.