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Key risk management decisions No one can predict the future. Nevertheless, the ability to predict, anticipate, and mitigate the risks is of vital importance in all areas of individual and business performance. No one has ever succeeded to predict the changes in a stock market or exchange rates, but even the most complex risks that arise from uncertainty can be successfully managed (Crouchy & Mark 2006). The definitions of risk management are numerous and varied. However, it is possible to assume that risk management is a complex combination of actions and decisions, aimed to identify and measure risks, anticipate its consequences and take actions to transfer or mitigate such risks (Crouchy & Mark 2006). Generally, a risk management cycle incorporates a variety of actions and decisions, the sequence of which organizations and individuals pursue in their striving to reduce risks. Everything begins with risk identification, continues through risk measurement, analysis, and decision, and ends with implementing, monitoring, and policymaking. The following picture perfectly depicts this important chain of activities.