- "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."
Identifying, assessing, and managing risks to operations and business continuity.
Risk Identification: The process of identifying potential risks and hazards to the operations of the organization.
Risk Assessment: The process of evaluating the likelihood and impact of identified risks.
Risk Mitigation: The process of developing and implementing strategies to reduce or eliminate identified risks.
Risk Response Planning: The process of developing a plan to respond to identified risks.
Risk Monitoring and Control: The process of continuously monitoring and evaluating risks to ensure that the risk management plan is effective.
Hazard Analysis: The process of identifying and evaluating potential sources of harm to people, property, or the environment.
Business Continuity Planning: The process of developing a plan to ensure that critical business operations can continue in the event of a disruption or disaster.
Crisis Management: The process of managing a crisis or emergency situation to minimize its impact on the organization and stakeholders.
Compliance Management: The process of ensuring that the organization meets legal and regulatory requirements related to risk management.
Insurance Management: The process of identifying, assessing, and managing insurance policies to minimize the impact of risks on the organization.
Financial Risk Management: It refers to managing the risk of financial loss in an organization by identifying, analyzing, and mitigating the financial risks associated with business operations.
Market Risk Management: It involves managing the risk of loss resulting from changes in market conditions or external factors, such as interest rates, currency exchange rates, and commodity prices.
Strategic Risk Management: It is the process of identifying and managing any risks to an organization's ability to achieve its goals and objectives by implementing strategies and plans.
Operational Risk Management: It is the process of identifying and mitigating the risks associated with day-to-day business operations, including legal, regulatory, and technology risks.
Technology Risk Management: It involves identifying and managing the risks associated with information technology, cyber threats, data privacy, and network security.
Reputation Risk Management: It is the process of identifying and managing the risks associated with damage to an organization's brand or reputation, including negative publicity, customer complaints, and social media.
Environmental Risk Management: It involves identifying and managing the risks associated with environmental factors, including pollution, natural disasters, and climate change.
Legal Risk Management: It involves identifying and mitigating legal risks associated with business operations, including compliance with regulations, contracts, and legal disputes.
Quality Risk Management: It is the process of identifying and managing risks associated with product or service quality, including quality control, quality assurance, and customer satisfaction.
Human Resource Risk Management: It involves identifying and managing risks associated with human resources, including recruitment, employee retention, and performance management.
- "...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."