- "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."
The processes and strategies used to identify, assess, and mitigate risks that may affect the company's operations and reputation.
Risk Assessment: Identification and evaluation of risks that a company might encounter.
Risk Mitigation: Implementing strategies to reduce or eliminate identified risks.
Enterprise Risk Management Frameworks: Formalized processes to manage risk across an entire organization.
Identification of Risks: Examining potential exposures to loss or damage.
Crisis Management: Risk management procedures for dealing with unforeseen events such as natural disasters, fraud or cyber-attacks.
Risk Appetite: Determination of the amount and type of risks that are acceptable to an organization.
Risk Modeling: Using mathematical models to quantify the potential likelihood and impact of risks.
Compliance: Conformity to laws and regulations relevant to a company’s operation.
The Role of the Board of Directors: Oversight and strategic responsibility for risk management.
Internal Controls: Methods used to minimize the risk of fraud, errors, and irregularities.
Risk Communication: Sharing risk knowledge and information across an organization.
Risk Metrics: Methods of measurement used to track the effectiveness of risk management.
Reputation Management: Methods to mitigate the impact of risks on a company’s brand and customer perception.
Legal Considerations: Understanding various legal implications of risk management, such as liability and insurance.
Financial Risk Management: The management of financial risks such as credit risk, market risk, and liquidity risk.
Enterprise Risk Management: A comprehensive approach to managing all risks faced by an organization, including financial, strategic, and operational risks.
Financial Risk Management: The process of identifying, assessing, and prioritizing financial risks, such as credit risk, market risk, and liquidity risk.
Operational Risk Management: The process of identifying, assessing, and prioritizing risks associated with an organization's operations, including process failures, employee fraud, and system failures.
Credit Risk Management: The process of assessing and mitigating the risk of loss from borrower default or credit downgrade.
Market Risk Management: The process of identifying and assessing the risk of financial loss due to changes in market conditions, such as interest rate fluctuations or changes in currency exchange rates.
Regulatory Risk Management: The process of identifying and assessing the risk of non-compliance with regulatory requirements, including legal, ethical, and industry standards.
Reputation Risk Management: The process of identifying and assessing the potential impact of negative events on an organization's reputation and taking steps to mitigate or prevent them.
Cybersecurity Risk Management: The process of identifying and assessing the risks and threats to an organization's information technology systems and implementing measures to protect against them.
Supply Chain Risk Management: The process of identifying and assessing risks associated with an organization's supply chain, including disruptions or failures in suppliers, transportation, or logistics.
Environmental Risk Management: The process of identifying and assessing risks associated with an organization's impact on the environment, such as pollution, climate change, and natural disasters.
- "...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 § 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."