- "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 process of identifying and assessing the risks associated with the handling, storage, and display of art objects and developing strategies to mitigate those risks.
Hazard identification: This involves identifying physical, chemical, and biological hazards that may cause damage to artwork.
Risk assessment: This involves analyzing the potential level of risk associated with each identified hazard.
Risk reduction strategies: Using various methods to mitigate identified risks, such as improving storage conditions, protecting works of art from light damage, and proper handling techniques.
Disaster preparedness and response: Developing emergency response plans and training personnel for disaster situations such as fire, flood, or natural disasters.
Environmental monitoring: Regular monitoring of the temperature, relative humidity, light levels, pollutants, and other environmental factors that can affect the condition of artwork.
Conservation documentation: Creating and maintaining accurate documentation of the history, condition, treatment, and maintenance of artworks.
Collection management: Developing and implementing policies and procedures for managing collections, including acquisition, accessioning, cataloging, and deaccessioning.
Legal and ethical issues: Understanding the legal and ethical considerations involved in the conservation and management of artwork, such as copyright, intellectual property, and cultural heritage.
Condition assessment: Evaluating the physical condition of artwork using various assessment techniques, such as visual examination, microscopy, or scientific analysis.
Preventive conservation: Implementing policies and procedures to prevent deterioration of artworks, such as regular cleaning, inspection, and monitoring of storage conditions.
Preventive Conservation: It is a type of risk management that aims to address and mitigate the risks that threaten the long-term preservation of artworks. It involves the implementation of measures and practices to reduce or eliminate the risks to artworks, like controlling the temperature and humidity of exhibitions or making sure that artworks are handled properly.
Emergency Response Planning: This type of risk management focuses on preparing for possible emergencies that may occur, like natural disasters, fires, theft, or accidents. Emergency Response Planning involves developing and implementing plans that will help preserve artworks during such situations.
Environmental Management: This type of risk management addresses the risks that arise due to environmental factors like light, temperature, humidity, and pollution. Environmental management involves monitoring and controlling these factors to ensure that the artworks are adequately protected.
Insurance: Artworks are valuable assets, and insurance is one way to ensure that they are protected against risks like damage, theft, or loss. Insurance policies can cover items like artwork, collection, property damage, liability coverage, and more.
Condition Reports: Condition reports are documents that include detailed information about the condition of artworks before, during, and after exhibitions, loans, or storage. These reports provide critical information for conservation and restoration efforts should any damage occur.
Documentation and Records Management: This type of risk management involves the proper documentation and management of information relating to artworks. Documentation includes information about provenance, treatment history, conservation, and restoration efforts, while records management involves proper storage, organization, and accessible retrieval of these documents.
Pest Management: Pests can cause significant damage to artworks and are a threat to their preservation. Pest management in art conservation involves identifying and eliminating any pests that may be present and implementing preventive measures to prevent future infestations.
Transportation and Handling: The transportation and handling of artworks can pose significant risks to their preservation. This type of risk management involves implementing measures and practices to ensure that artworks are transported safely and handled carefully to reduce the risk of damage or loss.
- "...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."