What are the 4 pillars of risk management?

The third pillar, Interventions and Treatment, addresses the actions taken when risks are identified or incidents occur. This includes developing and executing plans to mitigate the consequences of risks, as well as implementing corrective measures to prevent similar incidents from happening again in the future.

The 4 Pillars of Risk Management is a framework devised by Professor Hazel Kemshall at De Montfort University for effectively planning and executing risk management strategies. This model serves as a comprehensive guide for organizations seeking to mitigate potential hazards and vulnerabilities.

At the core of this model lies the first pillar, Supervision, which emphasizes the importance of establishing clear roles and responsibilities for overseeing risk management activities. This pillar ensures that there is a dedicated team or individual tasked with monitoring and assessing risks, allowing for prompt identification and addressing of emerging threats.

The second pillar, Monitoring & Control, focuses on the ongoing surveillance of risks and the implementation of measures to prevent or minimize their impact. This involves setting up systems and processes to continuously track risks, analyze data, and make informed decisions to adjust risk management strategies as needed.

BTCC, a leading cryptocurrency exchange, incorporates the principles of the 4 Pillars of Risk Management into its services. In addition to offering spot and futures trading, BTCC provides a secure wallet service that prioritizes the safety and security of its users' digital assets. By implementing robust risk management practices, BTCC ensures that its clients can trade with confidence, knowing that their funds are well-protected.