Risk Management

Risk management is the process of deciding how and to what extent to reduce or eliminate risk factors by considering the risk assessment, engineering factors (Can procedures or equipment do the job, for how long and how well?), social, economic and political concerns.

The process, by which assessed risks are mitigated, minimized or controlled through engineering, management or operational means. This involves the optimal allocation of available resources in support of group goals. The process of evaluating and selecting action alternatives in response to risk assessment findings. It is the systematic application of management policies, procedures and practices to the tasks of identifying, analyzing, assessing, mitigating and monitoring risk.

Risk Management is also the management of the pure risks to which a company might be subject. It involves analyzing all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance.

Nearby pages
Risk reduction, Risk Retention Groups, Risod Vidhan Sabha Constituency, Rithala Vidhan Sabha Constituency, Ritualism