On September 12, 2019 in the frameworks of the project “Future skills and jobs for Armenia’s rural youth,” Kolba Lab organized an event dedicated to “Risk Management.” What does risk management include, and what is the required knowledge for this profession? For this topic our invited speaker was Karen Vrtanesyan, who is a co-founder and manager of Razm.Info website that provides consultations to companies in military/security fields and risk management.

Karen talked about this profession, about the potentials in this field and what other skills and expertise are needed to succeed in it. How should one get prepared for financial, economic as well as military and internal political risks? People are constantly considering risk, even when they don’t realize it. Risk management is our response to the possibility of occurring harm or something going wrong, and things go wrong all the time -car accidents, stolen wallets, unexpected bad weather, burnt dinners. The list could go on and on.

We are programmed to manage risk. So how does risk management translate into business? In business, risk management is the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

Participants were really interested in the event and were askինգ all the questions that interested them.

In the end, let’s wrap up with 5 main ways to manage risk: acceptance, avoidance, transference, mitigation or exploitation.