Risk Management Using the WASPAS Method: A Multi-Criteria Decision-Making Approach

The goal is to decrease both the likelihood and impact of unexpected events, ensuring stability and success. An effective risk management process follows a series of structured steps: identifying risks, assessing their potential impact, ranking them in order of importance, and applying strategies to minimize or avoid them. These strategies may include transferring risks through insurance, mitigating them with preventive actions, or accepting them when they are inevitable. By addressing risks proactively, organizations can safeguard resources, enhance decision-making, and build resilience against uncertainty, promoting long-term sustainability and growth. Research significance: Risk management plays a vital role in helping organizations detect, evaluate, and prioritize potential risks, reducing the impact of unforeseen events. A strong risk management strategy supports business continuity, improves decision-making, and protects assets by tackling uncertainties head-on. It helps organizations remain stable, comply with regulations, and preserve their reputation. By anticipating risks, companies can manage resources more effectively, limit financial losses, and approach opportunities with greater confidence. In fast-evolving environments, risk management enhances resilience, promoting sustainable growth and long-term success. It also strengthens stakeholder confidence, showing a dedication to responsible governance and strategic planning. Methodology: This approach usually involves several key steps: identifying risks (using methods like brainstorming and SWOT analysis), assessing them (by considering their probability and potential impact), mitigating risks (by creating strategies to manage them), and monitoring (by keeping an eye on risk factors over time). Strategies for handling risks can include avoiding, mitigating, sharing, or accepting them. Clear communication and regular updates are essential to ensure that the risk management plan evolves with new challenges, allowing the organization to meet its goals while minimizing possible adverse effects. Alternative: Risk Shield, Secure Guard, Safe Net, Protec Sure, Guard Maste. Evaluation preference: Implementation Cost, Maintenance Cost, System Downtime, Complexity of Use. Results: Protec Sure is getting first place of the table and Guard Master is getting last place of the table