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 Gems medical aid. Suggest strategies to

deal with the specific risk issues faced by Gems medical aid with relevant practical examples