- "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 identification, assessment, and prioritization of risks and the use of strategies to minimize, monitor, and control the impact of those risks on organizational decision making.
Risk identification: The process of identifying and documenting potential risks that may affect the organization's operations, reputation, and goals.
Risk analysis: The process of evaluating the likelihood and potential impact of identified risks.
Risk assessment: The process of determining whether the risks are acceptable or not.
Risk mitigation: The process of implementing risk management strategies to reduce the likelihood or impact of identified risks.
Risk monitoring: The process of continuously tracking and evaluating the effectiveness of risk management strategies.
Risk communication: The process of informing stakeholders about potential risks and risk management strategies.
Risk financing: The process of identifying and evaluating financial resources required to manage risks.
Crisis management: The process of reacting and responding to unexpected events that may cause harm to the organization.
Business continuity planning: The process of developing a plan to ensure that the organization can continue to operate during and after a crisis.
Compliance management: The process of ensuring that the organization complies with legal and regulatory requirements.
Enterprise risk management: The process of integrating risk management into all aspects of the organization, including strategic planning, operations, and decision-making.
Risk culture: The set of shared values, attitudes, and behaviors within the organization that shape its approach to risk management.
Strategic Risk Management: It is the process of identifying, assessing, and managing risks that have the potential to impact positively or negatively on the overall objectives and goals of the organization.
Financial Risk Management: This type of risk management focuses on identifying, evaluating, and managing financial risks that an organization faces, including credit risk, market risk, liquidity risk, and operational risk.
Operational Risk Management: It refers to the identification, assessment, and management of risks that arise in the day-to-day operations of an organization.
Project Risk Management: It is the process of identifying, assessing, and managing risks that affect project outcomes, including cost, schedule, quality, and scope risks.
Reputation Risk Management: It is the process of identifying, assessing, and managing risks that can damage an organization's reputation or brand.
Regulatory Risk Management: It focuses on complying with rules and regulations set by regulatory authorities in a specific industry or market.
Information Security Risk Management: It is the process of identifying, assessing, and managing the risks associated with the misuse, theft, and loss of crucial business data or intellectual property.
Environmental Risk Management: It is the process of identifying, assessing, and managing risks that arise from an organization's impact on the environment.
Legal Risk Management: It involves the identification, assessment, and management of legal risks that an organization faces, including compliance with laws and regulations, lawsuits, and legal disputes.
Supply Chain Risk Management: It is the process of identifying, assessing, and managing risks in the supply chain, such as supplier bankruptcy, natural disasters, or political unrest.
- "...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."