- "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 and managing potential risks that can impact the company's success.
Introduction to Risk Management: Defines Risk management, and its importance in organizations. Covers basic concepts, principles, and benefits of risk management.
Risk Identification and Assessment: Covers the process of identifying different types of risks that an organization may face, and evaluating the probability and impact of such risks on the organization.
Risk Mitigation Strategies: Addresses various strategies that can be used to mitigate risks, including risk transfer, avoidance, reduction, or acceptance.
Risk Analysis and Evaluation: Discusses various techniques for analyzing and evaluating risks, including qualitative and quantitative approaches, simulation, and decision tree analysis.
Risk Reporting and Monitoring: Outlines the processes of reporting and monitoring risks, including the preparation of reports, tracking progress, and making changes as needed.
Risk Appetite and Tolerance: Defines risk appetite and tolerance, and discusses how they impact an organization's risk management decisions and behaviors.
Crisis Management and Business Continuity Planning: Describes how crisis management and business continuity planning can help organizations respond to unexpected risks and disruptions.
Regulatory and Compliance Risk: Covers regulatory and compliance risks, including how robust risk management can help organizations comply with legal and regulatory requirements.
Information Security and Cybersecurity Risk: Discusses how risk management can help organizations protect their sensitive data and systems from cybersecurity risks.
Strategic Risk Management: Covers the importance of risk management in supporting an organization's overall strategic goals and objectives.
Project Risk Management: Describes the process of managing risks associated with specific projects and initiatives, such as identifying potential project failures and taking steps to prevent them.
Supply Chain Risk Management: Addresses the challenges and strategies associated with managing risks that arise from supply chain dynamics, such as procurement, logistics, and distribution.
Social and Environmental Risk Management: Discusses the role of risk management in addressing social and environmental risks, including issues related to sustainability, corporate social responsibility, and stakeholder engagement.
Risk Management Culture: Defines risk management culture, and discusses how developing a strong risk management culture can help organizations minimize risks and achieve their strategic goals.
Risk Governance: Describes the role of risk governance in supporting effective risk management, including the establishment of policies, procedures, and oversight mechanisms.
- "...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."