"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."
Assessing the likelihood and potential impact of a threat.
Threat Assessment: Evaluating potential threats to identify vulnerabilities and decide on corresponding countermeasures.
Risk Identification: The process of identifying potential hazards, events or situations that may pose a threat to an organization's assets, reputation or operations.
Risk Management: The process of identifying, assessing and controlling risks that may arise during a project.
Hazard Identification: Identifying hazards or potential hazardous situations that may impact operations, personnel, equipment or environment.
Risk Communication: The exchange of information regarding risks or potential hazards between various stakeholders and decision-makers.
Risk Mitigation: The steps taken to reduce the severity of potential risks or hazards.
Risk Analysis Techniques: Methods used to evaluate and analyze risks, including quantitative and qualitative analysis methods.
Business Continuity Planning: The process of developing and implementing a plan to ensure the continuation of essential business operations in the face of a disruption or disaster.
Intelligence Gathering and Analysis: The collection and analysis of information from various sources to identify potential threats and vulnerabilities.
Security Measures Planning and Implementation: Developing security policies and measures to prevent, deter or respond to potential threats.
Strategic Risk Analysis: Examines risks associated with achieving an organization's overall goals and objectives.
Operational Risk Analysis: Examines risks associated with the day-to-day operations of an organization.
Financial Risk Analysis: Examines risks associated with an organization's financial performance and stability.
Information Security Risk Analysis: Examines risks associated with data security, such as the theft or loss of sensitive information.
Business Continuity Risk Analysis: Examines risks associated with an organization's ability to continue operations during unexpected disruptions.
Reputational Risk Analysis: Examines risks associated with the potential harm to an organization's reputation, such as negative publicity or customer complaints.
Legal Risk Analysis: Examines risks associated with potential legal challenges or lawsuits against an organization.
Compliance Risk Analysis: Examines risks associated with non-compliance with laws and regulations.
Environmental Risk Analysis: Examines risks associated with potential environmental impacts, such as pollution or natural disasters.
Health and Safety Risk Analysis: Examines risks associated with potential health and safety hazards to employees or customers.
"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."
"There are two types of events i.e. 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 (quality management standards to help work more efficiently and reduce product failures)."
"Certain risk management standards have been criticized for having no measurable improvement on risk, whereas the confidence in estimates and decisions seems to increase."
"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."
"The opposite of these strategies can be used to respond to opportunities."
"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: once risk data has been compiled and evaluated, analysts share their findings with their managers."
"Risk managers develop plans to minimize and / or mitigate any negative (financial) outcomes."
"Risks can lead to project failures at any phase in design, development, production, or sustaining life-cycles."
"External risks can include uncertainty in international markets, legal liabilities, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause."
"Institutions such as the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards have developed risk management standards."
"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."
"One strategy to manage threats is to avoid the threat altogether."
"Reducing the negative effect or probability of the threat is another strategy in risk management."
"Transferring all or part of the threat to another party is a strategy used to manage threats."
"Internal audit plays a role in risk management by assessing and identifying risks that could impede the reputation, safety, security, or financial success of the organization."
"See also Chief Risk Officer, internal audit, and Financial risk management ยง Corporate finance."
"Once risk data has been compiled and evaluated, analysts share their findings with their managers, who use those insights to decide among possible solutions."