Risk management: Effective risk identification, analysis and evaluation

In today's hypercompetitive World, the use of risk management is vital to the long-term success for any libraries. It involves the cost in terms of resources and valuable time spent by library staff while taking risks to gain a competitive edge. One must decide as to when and where educated risks can be taken and how finite resources should be allocated to reduce risk and support library strategies. Risk Management can be briefly defined as a systematic process for the identification, analysis, control and communication of risks. It should be necessarily integrated into the life cycle of any library processes. Risk management should be an ongoing activity that includes phases for assessing risk, implementing controls, promoting awareness and monitoring effectiveness. At the heart of risk management is the evaluation of the potential impact of threats on the ability of a library to continue providing products or services to customers. This paper talks about the risks that might occur on different digital contents like Websites with licensed contents, electronic databases, Archrivals. It also explains different models of risk management at different stages.