Risk Management

Risk Management

Risk management is a process for identifying, assessing, and prioritizing risks of different kinds. Once the risks are identified, risk management develops strategies to minimize or eliminate the impact of negative events. A variety of strategies are available, depending on the type of risk and the type of activities.

 

The strategies to manage threats (uncertainties with negative consequences) typically include transferring the threat to another party, avoiding the threat, reducing the negative effect or probability of the threat, or even accepting some or all of the potential or actual consequences of a particular threat.

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