- "Risk management is the identification, evaluation, and prioritization of risks... followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities."
This subfield studies the measurement and management of risks associated with natural resources, including uncertainties in price changes, supply availability, and climate change.
Risk management frameworks: Introduction to different risk management frameworks such as ISO 31000, COSO, and NIST Cybersecurity Framework.
Risk identification: Techniques for identifying potential risks such as brainstorming, SWOT analysis, and root cause analysis.
Risk assessment: Methods for evaluating the probability and impact of identified risks, including qualitative and quantitative analysis techniques.
Risk treatment: Strategies for treating risks, such as reducing risk through control measures, transferring risk through insurance, accepting the risk, or avoiding the risk altogether.
Risk communication: Techniques for effectively communicating risks to stakeholders and creating risk mitigation plans.
Enterprise risk management: Understanding the broader approach to risk management that considers risk across an entire organization.
Business continuity planning: Developing plans for maintaining essential business operations in the event of a disruption, such as a natural disaster or cyber attack.
Crisis management: Strategies for managing crises and minimizing damage to the organization, such as having a crisis communications plan and a designated crisis team.
Cybersecurity risk management: Understanding the unique risks and methods for managing cybersecurity threats to an organization.
Supply chain risk management: Managing risks associated with suppliers and partners, ensuring continuity of supply and minimizing disruptions.
Financial risk management: Understanding financial risks such as market risk, credit risk, and liquidity risk, and how to manage them effectively.
Operational risk management: Identifying and managing risks associated with the day-to-day operations of a business, such as equipment failure or human error.
Legal and regulatory risk management: Staying up-to-date with legal and regulatory requirements and managing risks associated with non-compliance.
Reputation risk management: Understanding the impact of risks on an organization's reputation and developing strategies to mitigate those risks.
Environmental risk management: Identifying and managing risks related to environmental impact, such as pollution or climate change.
Financial Risk Management: It deals with identifying, assessing, and managing various financial risks, such as market risk, credit risk, liquidity risk, and operational risk.
Operational Risk Management: It refers to the process of identifying and managing risks associated with daily business operations, including technology, security, and human errors.
Strategic Risk Management: It involves identifying and assessing risks associated with the long-term business goals, strategies, and plans.
Enterprise Risk Management: It's a comprehensive approach to managing all types of risks within an organization, including financial, operational, strategic, and other types of risks.
Environmental Risk Management: It focuses on risks associated with environmental factors, such as pollution, climate change, and natural disasters.
Project Risk Management: It's a process of identifying, assessing, and managing risks associated with individual projects, including cost, scope, time, and quality-related risks.
Hazard Risk Management: It refers to the assessment and management of risks associated with hazards, such as fire, flood, earthquake, or other types of natural disasters.
Supply Chain Risk Management: It's the process of identifying and managing risks associated with supply chain activities, such as procurement, logistics, transportation, and inventory management.
Reputation Risk Management: It deals with identifying and managing risks associated with an organization's reputation, image, and brand value.
Legal Risk Management: It involves identifying and managing risks associated with legal and regulatory compliance, including potential lawsuits, fines, and other legal issues.
- "...risks (defined in ISO 31000 as the effect of uncertainty on objectives)..."
- "Risks can come from various sources including uncertainty in international markets, threats from project failures, legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause."
- "Negative events can be classified as risks while positive events are classified as opportunities."
- "Risk management standards have been developed by various institutions, including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards."
- "Strategies to manage threats typically include avoiding the threat, reducing the negative effect or probability of the threat, transferring all or part of the threat to another party, and even retaining some or all of the potential or actual consequences of a particular threat."
- "As a professional role, a risk manager will 'oversee the organization's comprehensive insurance and risk management program, assessing and identifying risks that could impede the reputation, safety, security, or financial success of the organization'."
- "Risk Analysts support the technical side of the organization's risk management approach... analysts share their findings with their managers, who use those insights to decide among possible solutions."
- "Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety."
- "Certain risk management standards have been criticized for having no measurable improvement on risk, whereas the confidence in estimates and decisions seems to increase."
- "Opportunities are uncertain future states with benefits."
- "See also Chief Risk Officer, internal audit, and Financial risk management ยง Corporate finance."
- "Risk managers develop plans to minimize and/or mitigate any negative (financial) outcomes."
- "The primary goal of risk management is to minimize the probability or impact of unfortunate events or maximize the realization of opportunities."
- "Risk evaluations are conducted to assess and identify risks that could impede the reputation, safety, security, or financial success of the organization."
- "Managers use insights from risk analysts to decide among possible solutions."
- "The main components of risk management include the identification, evaluation, and prioritization of risks, followed by the application of resources to minimize, monitor, and control the probability or impact of events."
- "Negative consequences of threats can include financial, reputational, safety, security, or operational impacts."
- "ISO standards provide quality management standards to help work more efficiently and reduce product failures."
- "Negative events can be classified as risks while positive events are classified as opportunities."