- For non-business risks, see risk or the disambiguation page risk analysis.
Risk management is the human activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Image File history File links Information. ...
Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. ...
Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
Risk assessment is a step in the risk management process. ...
A strategy is a long term plan of action designed to achieve a particular goal, most often winning. Strategy is differentiated from tactics or immediate actions with resources at hand. ...
The strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.
Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death and lawsuits). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit and market risk. ...
Objective of risk management is to reduce different risks related to a preselected domain to the level accepted by society. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. On the other hand it involves all means available for humans, or in particular, for a risk management entity (person, staff, organization).
Some Explanations
In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss and the greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. In practice the process can be very difficult, and balancing between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be mishandled. Probability is the likelihood that something is the case or will happen. ...
Intangible risk management identifies a new type of risk - a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of identification ability. For example, when deficient knowledge is applied to a situation, a knowledge risk materialises. Relationship risk appears when ineffective collaboration occurs. Process-engagement risk may be an issue when ineffective operational procedures are applied. These risks directly reduce the productivity of knowledge workers, decrease cost effectiveness, profitability, service, quality, reputation, brand value, and earnings quality. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity. Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
Risk management also faces difficulties allocating resources. This is the idea of opportunity cost. Resources spent on risk management could have been spent on more profitable activities. Again, ideal risk management minimizes spending while maximizing the reduction of the negative effects of risks. In economics, opportunity cost, or economic cost, is the cost of something in terms of an opportunity forgone (and the benefits which could be received from that opportunity), or the most valuable forgone alternative (or highest-valued option forgone), i. ...
Steps in the risk management process
Establish the context Establishing the context involves
0. Identification of risk in a selected domain of interest
1. Planning the remainder of the process.
2. Mapping out the following: the social scope of risk management, the identity and objectives of stakeholders, and the basis upon which risks will be evaluated, constraints.
3. Defining a framework for the activity and an agenda for identification.
4. Developing an analysis of risks involved in the process.
5. Mitigation of risks using available technological, human and organizational resources.
Identification After establishing the context, the next step in the process of managing risk is to identify potential risks. Risks are about events that, when triggered, cause problems. Hence, risk identification can start with the source of problems, or with the problem itself. Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
- Source analysis Risk sources may be internal or external to the system that is the target of risk management. Examples of risk sources are: stakeholders of a project, employees of a company or the weather over an airport.
- Problem analysis Risks are related to identified threats. For example: the threat of losing money, the threat of abuse of privacy information or the threat of accidents and casualties. The threats may exist with various entities, most important with shareholders, customers and legislative bodies such as the government.
When either source or problem is known, the events that a source may trigger or the events that can lead to a problem can be investigated. For example: stakeholders withdrawing during a project may endanger funding of the project; privacy information may be stolen by employees even within a closed network; lightning striking a Boeing 747 during takeoff may make all people onboard immediate casualties.
The chosen method of identifying risks may depend on culture, industry practice and compliance. The identification methods are formed by templates or the development of templates for identifying source, problem or event. Common risk identification methods are:
- Objectives-based risk identification Organizations and project teams have objectives. Any event that may endanger achieving an objective partly or completely is identified as risk. Objective-based risk identification is at the basis of COSO's Enterprise Risk Management - Integrated Framework
- Scenario-based risk identification In scenario analysis different scenarios are created. The scenarios may be the alternative ways to achieve an objective, or an analysis of the interaction of forces in, for example, a market or battle. Any event that triggers an undesired scenario alternative is identified as risk - see Futures Studies for methodology used by Futurists.
- Taxonomy-based risk identification The taxonomy in taxonomy-based risk identification is a breakdown of possible risk sources. Based on the taxonomy and knowledge of best practices, a questionnaire is compiled. The answers to the questions reveal risks. Taxonomy-based risk identification in software industry can be found in CMU/SEI-93-TR-6.
- Common-risk Checking In several industries lists with known risks are available. Each risk in the list can be checked for application to a particular situation. An example of known risks in the software industry is the Common Vulnerability and Exposures list found at http://cve.mitre.org.
- Risk Charting This method combines the above approaches by listing Resources at risk, Threats to those resources Modifying Factors which may increase or reduce the risk and Consequences it is wished to avoid. Creating a matrix under these headings enables a variety of approaches. One can begin with resources and consider the threats they are exposed to and the consequences of each. Alternatively one can start with the threats and examine which resources they would affect, or one can begin with the consequences and determine which combination of threats and resources would be involved to bring them about.
Scenario analysis is a process of analyzing possible future events by considering alternative possible outcomes (scenarios). ...
Future studies reflects on how today’s changes (or the lack thereof) become tomorrow’s reality. ...
Futurists is a term often used to describe management consultants who advise corporations on a wide range of global trends, risk management and potential market opportunities. ...
A Risk Matrix is a tool used in the Risk Assessment process, it allows the severity of the risk of an event occurring to be determined. ...
Assessment Once risks have been identified, they must then be assessed as to their potential severity of loss and to the probability of occurrence. These quantities can be either simple to measure, in the case of the value of a lost building, or impossible to know for sure in the case of the probability of an unlikely event occurring. Therefore, in the assessment process it is critical to make the best educated guesses possible in order to properly prioritize the implementation of the risk management plan. The Risk Management Plan (RMP) is the document prepared by a Project manager to foresee risks, to estimate the effectiveness and to mitigate them. ...
The fundamental difficulty in risk assessment is determining the rate of occurrence since statistical information is not available on all kinds of past incidents. Furthermore, evaluating the severity of the consequences (impact) is often quite difficult for immaterial assets. Asset valuation is another question that needs to be addressed. Thus, best educated opinions and available statistics are the primary sources of information. Nevertheless, risk assessment should produce such information for the management of the organization that the primary risks are easy to understand and that the risk management decisions may be prioritized. Thus, there have been several theories and attempts to quantify risks. Numerous different risk formulae exist, but perhaps the most widely accepted formula for risk quantification is: Risk assessment is a step in the risk management process. ...
Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
Rate of occurrence multiplied by the impact of the event equals risk
Later research has shown that the financial benefits of risk management are less dependent on the formula used but are more dependent on the frequency and how risk assessment is performed. Risk assessment is a step in the risk management process. ...
In business it is imperative to be able to present the findings of risk assessments in financial terms. Robert Courtney Jr. (IBM, 1970) proposed a formula for presenting risks in financial terms. The Courtney formula was accepted as the official risk analysis method for the US governmental agencies. The formula proposes calculation of ALE (annualised loss expectancy) and compares the expected loss value to the security control implementation costs (cost-benefit analysis). Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. ...
Cost-benefit analysis is an important technique for project appraisal: the process of weighing the total expected costs against the total expected benefits of one or more actions in order to choose the best or most profitable option. ...
Potential risk treatments Once risks have been identified and assessed, all techniques to manage the risk fall into one or more of these four major categories: (Dorfman, 1997) (remember as 4 T's) - Tolerate (aka retention)
- Treat (aka mitigation)
- Terminate (aka elimination)
- Transfer (aka buying insurance)
Ideal use of these strategies may not be possible. Some of them may involve trade-offs that are not acceptable to the organization or person making the risk management decisions.
Another source, from the US Department of Defense; Defense Acquisition University, calls this ACAT, for Accept, Control, Avoid, and Transfer. The ACAT acronym is reminiscent of the term ACAT (for Acquisition Category) used in US Defense industry procurements. The United States Department of Defense, abbreviated DoD or DOD and sometimes called the Defense Department, is a civilian Cabinet organization of the United States government. ...
The Defense Acquisition University (DAU) is a United States military training establishment which trains military and civilian Department of Defense personnel in the fields of acquisition (procurement) and management. ...
There are very few or no other articles that link to this one. ...
Risk avoidance Includes not performing an activity that could carry risk. An example would be not buying a property or business in order to not take on the liability that comes with it. Another would be not flying in order to not take the risk that the airplane were to be hijacked. Avoidance may seem the answer to all risks, but avoiding risks also means losing out on the potential gain that accepting (retaining) the risk may have allowed. Not entering a business to avoid the risk of loss also avoids the possibility of earning profits. This article or section does not cite any references or sources. ...
In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. ...
This article needs additional references or sources for verification. ...
Hijackers inside flightdeck of TWA Flight 847 Aircraft hijacking (also known as skyjacking and aircraft piracy) is the take-over of an aircraft, by a person or group, usually armed. ...
Risk reduction Involves methods that reduce the severity of the loss. Examples include sprinklers designed to put out a fire to reduce the risk of loss by fire. This method may cause a greater loss by water damage and therefore may not be suitable. Halon fire suppression systems may mitigate that risk, but the cost may be prohibitive as a strategy. Sprinkler A sprinkler is a device used for the distribution of water from plumbing pipes, by spraying it into the air. ...
For other uses, see Fire (disambiguation). ...
Halon 1211 and Halon 1301 are special-purpose fire extiguishing agents that were banned by the Montreal Protocol. ...
A strategy is a long term plan of action designed to achieve a particular goal, most often winning. Strategy is differentiated from tactics or immediate actions with resources at hand. ...
Modern software development methodologies reduce risk by developing and delivering software incrementally. Early methodologies suffered from the fact that they only delivered software in the final phase of development; any problems encountered in earlier phases meant costly rework and often jeopardized the whole project. By developing in iterations, software projects can limit effort wasted to a single iteration.
Risk retention Involves accepting the loss when it occurs. True self insurance falls in this category. Risk retention is a viable strategy for small risks where the cost of insuring against the risk would be greater over time than the total losses sustained. All risks that are not avoided or transferred are retained by default. This includes risks that are so large or catastrophic that they either cannot be insured against or the premiums would be infeasible. War is an example since most property and risks are not insured against war, so the loss attributed by war is retained by the insured. Also any amounts of potential loss (risk) over the amount insured is retained risk. This may also be acceptable if the chance of a very large loss is small or if the cost to insure for greater coverage amounts is so great it would hinder the goals of the organization too much. Self insurance is a risk management method whereby an eligible risk is retained, but a calculated amount of money is set aside to compensate for the potential future loss. ...
For other uses, see War (disambiguation). ...
Risk transfer Means causing another party to accept the risk, typically by contract or by hedging. Insurance is one type of risk transfer that uses contracts. Other times it may involve contract language that transfers a risk to another party without the payment of an insurance premium. Liability among construction or other contractors is very often transferred this way. On the other hand, taking offsetting positions in derivatives is typically how firms use hedging to financially manage risk. A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. ...
It has been suggested that this article or section be merged into Hedge (finance). ...
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...
This article is actively undergoing a major edit. ...
Derivatives traders at the Chicago Board of Trade. ...
Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit and market risk. ...
Some ways of managing risk fall into multiple categories. Risk retention pools are technically retaining the risk for the group, but spreading it over the whole group involves transfer among individual members of the group. This is different from traditional insurance, in that no premium is exchanged between members of the group up front, but instead losses are assessed to all members of the group. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...
Outsourcing is another example of risk transfer. In this case companies outsource only some of their departmental needs. For example, a company may outsource only its software development, the manufacturing of hard goods, or customer support needs to another company, while handling the business management itself. This way, the company can concentrate more on business development without having to worry as much about the manufacturing process, managing the development team, or finding a physical location for a call center.
Create a risk mitigation plan Select appropriate controls or countermeasures to measure each risk. Risk mitigation needs to be approved by the appropriate level of management. For example, a risk concerning the image of the organization should have top management decision behind it whereas IT management would have the authority to decide on computer virus risks.
The risk management plan should propose applicable and effective security controls for managing the risks. For example, an observed high risk of computer viruses could be mitigated by acquiring and implementing antivirus software. A good risk management plan should contain a schedule for control implementation and responsible persons for those actions.
According to ISO/IEC 27001, the stage immediately after completion of the Risk Assessment phase consists of preparing a Risk Treatment Plan, which should document the decisions about how each of the identified risks should be handled. Mitigation of risks often means selection of Security Controls, which should be documented in a Statement of Applicability, which identifies which particular control objectives and controls from the standard have been selected, and why. ISO/IEC 27001 is an information security standard published in 2005 by the International Organization for Standardization and the International Electrotechnical Commission. ...
Risk assessment is a step in the risk management process. ...
Implementation Follow all of the planned methods for mitigating the effect of the risks. Purchase insurance policies for the risks that have been decided to be transferred to an insurer, avoid all risks that can be avoided without sacrificing the entity's goals, reduce others, and retain the rest.
Review and evaluation of the plan Initial risk management plans will never be perfect. Practice, experience, and actual loss results will necessitate changes in the plan and contribute information to allow possible different decisions to be made in dealing with the risks being faced. The Risk Management Plan (RMP) is the document prepared by a Project manager to foresee risks, to estimate the effectiveness and to mitigate them. ...
Risk analysis results and management plans should be updated periodically. There are two primary reasons for this: Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. ...
- to evaluate whether the previously selected security controls are still applicable and effective, and
- to evaluate the possible risk level changes in the business environment. For example, information risks are a good example of rapidly changing business environment.
Limitations If risks are improperly assessed and prioritized, time can be wasted in dealing with risk of losses that are not likely to occur. Spending too much time assessing and managing unlikely risks can divert resources that could be used more profitably. Unlikely events do occur but if the risk is unlikely enough to occur it may be better to simply retain the risk and deal with the result if the loss does in fact occur.
Prioritizing too highly the risk management processes could keep an organization from ever completing a project or even getting started. This is especially true if other work is suspended until the risk management process is considered complete.
It is also important to keep in mind the distinction between risk and uncertainty. Risk can be measured by impacts x probability. Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
Uncertainty is a term used in subtly different ways in a number of fields, including philosophy, statistics, economics, finance, insurance, psychology, engineering and science. ...
Areas of risk management As applied to corporate finance, risk management is the technique for measuring, monitoring and controlling the financial or operational risk on a firm's balance sheet. See value at risk. Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ...
According to §644 of International Convergence of Capital Measurement and Capital Standards, known as Basel II, operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. ...
This article needs additional references or sources for verification. ...
Definition In economics and finance, the Value at risk, or VaR, is a measure used to estimate how the value of an asset or of a portfolio of assets will decrease over a certain time period (usually over 1 day or 10 days) under usual conditions. ...
The Basel II framework breaks risks into market risk (price risk), credit risk and operational risk and also specifies methods for calculating capital requirements for each of these components. The final version aims at: Ensuring that capital allocation is more risk sensitive; Separating operational risk from credit risk, and quantifying both; Attempting to align economic and regulatory capital more closely to reduce the scope for regulatory arbitrage. ...
Market risk is the risk that the value of an investment will decrease due to moves in market factors. ...
Credit risk is the risk of loss due to a debtors non-payment of a loan or other line of credit (either the principal or interest (coupon) or both). ...
According to §644 of International Convergence of Capital Measurement and Capital Standards, known as Basel II, operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. ...
Banks and depository institutions are regulated by governments to disclose and handle their capital in a certain way. ...
Enterprise risk management In enterprise risk management, a risk is defined as a possible event or circumstance that can have negative influences on the Enterprise in question. Its impact can be on the very existence, the resources (human and capital), the products and services, or the customers of the enterprise, as well as external impacts on society, markets, or the environment. In a financial institution, enterprise risk management is normally thought of as the combination of credit risk, interest rate risk or asset liability management, market risk, and operational risk. Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
Credit risk is the risk of loss due to a debtors non-payment of a loan or other line of credit (either the principal or interest (coupon) or both). ...
In banking, Asset Liability Management is the practice of managing risks that arise due to mismatches between the assets and liabilities (debts and assets) of the bank. ...
In the more general case, every probable risk can have a preformulated plan to deal with its possible consequences (to ensure contingency if the risk becomes a liability).
From the information above and the average cost per employee over time, or cost accrual ratio, a project manager can estimate The Cost Accrual Ratio for a business may be defined as the total average cost per person per unit time, e. ...
- the cost associated with the risk if it arises, estimated by multiplying employee costs per unit time by the estimated time lost (cost impact, C where C = cost accrual ratio * S).
- the probable increase in time associated with a risk (schedule variance due to risk, Rs where Rs = P * S):
- Sorting on this value puts the highest risks to the schedule first. This is intended to cause the greatest risks to the project to be attempted first so that risk is minimized as quickly as possible.
- This is slightly misleading as schedule variances with a large P and small S and vice versa are not equivalent. (The risk of the RMS Titanic sinking vs. the passengers' meals being served at slightly the wrong time).
- the probable increase in cost associated with a risk (cost variance due to risk, Rc where Rc = P*C = P*CAR*S = P*S*CAR)
- sorting on this value puts the highest risks to the budget first.
- see concerns about schedule variance as this is a function of it, as illustrated in the equation above.
Risk in a project or process can be due either to Special Cause Variation or Common Cause Variation and requires appropriate treatment. That is to re-iterate the concern about extremal cases not being equivalent in the list immediately above. The Cost Accrual Ratio for a business may be defined as the total average cost per person per unit time, e. ...
RMS Titanic was a British Olympic class passenger liner that became famous for her collision with an iceberg on 14 April 1912 and dramatic sinking on 15 April 1912. ...
A project is a temporary endeavour undertaken to create a product or service[1]. // The word project comes from the Latin word projectum from projicere, to throw something forwards which in turn comes from pro-, which denotes something that precedes the action of the next part of the word in...
Process (lat. ...
Special Cause Variation, also known as assignable cause variation, is the fluctuation that is caused by known but unpredictable factors, resuling in a non-random distribution (Normal Distribution) of output data [1]. It can be identified using Statistical process control and will usually show up in a Control chart as...
This article should belong in one or more categories. ...
Risk management activities as applied to project management In project management, risk management includes the following activities: Project Management is the discipline of organizing and managing resources (e. ...
- Planning how risk management will be held in the particular project. Plan should include risk management tasks, responsibilities, activities and budget.
- Assigning a risk officer - a team member other than a project manager who is responsible for foreseeing potential project problems. Typical characteristic of risk officer is a healthy skepticism.
- Maintaining live project risk database. Each risk should have the following attributes: opening date, title, short description, probability and importance. Optionally a risk may have an assigned person responsible for its resolution and a date by which the risk must be resolved.
- Creating anonymous risk reporting channel. Each team member should have possibility to report risk that he foresees in the project.
- Preparing mitigation plans for risks that are chosen to be mitigated. The purpose of the mitigation plan is to describe how this particular risk will be handled – what, when, by who and how will it be done to avoid it or minimize consequences if it becomes a liability.
- Summarizing planned and faced risks, effectiveness of mitigation activities, and effort spent for the risk management.
Risk management and business continuity Risk management is simply a practice of systematically selecting cost effective approaches for minimising the effect of threat realization to the organization. All risks can never be fully avoided or mitigated simply because of financial and practical limitations. Therefore all organizations have to accept some level of residual risks.
Whereas risk management tends to be preemptive, business continuity planning (BCP) was invented to deal with the consequences of realised residual risks. The necessity to have BCP in place arises because even very unlikely events will occur if given enough time. Risk management and BCP are often mistakenly seen as rivals or overlapping practices. In fact these processes are so tightly tied together that such separation seems artificial. For example, the risk management process creates important inputs for the BCP (assets, impact assessments, cost estimates etc). Risk management also proposes applicable controls for the observed risks. Therefore, risk management covers several areas that are vital for the BCP process. However, the BCP process goes beyond risk management's preemptive approach and moves on from the assumption that the disaster will realize at some point. Business continuity planning life cycle Business Continuity Planning (BCP) is an interdisciplinary peer mentoring methodology used to create and validate a practiced logistical plan for how an organization will recover and restore partially or completely interrupted critical function(s) within a predetermined time after a disaster or extended disruption. ...
References - Crockford, Neil (1986). An Introduction to Risk Management (2nd ed.). Woodhead-Faulkner. 0-85941-332-2.
Further reading - U.S. EPA's General Risk Management Program Guidance (April 2004)
- NIST Special Publication 800-30 Risk Management Guide for Information Technology Systems (July 2002)
- Ward, Quaid (2007)The Pursuit of Courage, Judgment and Luck A "rogue risk rant" published in the Mar/Apr 2007 issue of Defense AT&L (Acquisition, Technology and Logistics), a journal of the Defense Acquisition University.
- Alexander, Carol and Sheedy, Elizabeth (2004). The Professional Risk Managers' Handbook: A Comprehensive Guide to Current Theory and Best Practices (1st ed.). Wilmington, DE: PRMIA Publications. ISBN 0-9766097-0-3.
- Gorrod, Martin (2003). Risk Management Systems: Technology Trends (Finance & Capital Markets). Palgrave Macmillan. ISBN 1-4039-1617-9.
There are 3 main Australia and New Zealand standards that cover Risk Management: - AS4360:2004 - Risk Management
- HB436:2004 - Risk Management Guidelines
- HB221:2004 - Business Continuity Management
See also Business continuity planning life cycle Business Continuity Planning (BCP) is an interdisciplinary peer mentoring methodology used to create and validate a practiced logistical plan for how an organization will recover and restore partially or completely interrupted critical function(s) within a predetermined time after a disaster or extended disruption. ...
The Chief Risk Officer (CRO) or Chief Risk Management Officer (CRMO) of a corporation is the executive in charge of assessing and planning for potential risks in the various segments of a given business model, such as computer security, compliance, and lawsuits, to minimize the firms liability and related...
Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. ...
Cost overrun is defined as excess of actual cost over budget. ...
Cost overrun is defined as excess of actual cost over budget. ...
Critical Chain Project Management (CCPM) is based on methods and algorithms developed in 1997 by Eliyahu M. Goldratt. ...
Earned Value Management (EVM) is a project management technique that measures forward progress objectively. ...
In business Enterprise Risk Management (ERM) are the methods and processes used to manage those risks, possible events or circumstances that can have influence on the enterprise in question. ...
The Environmental Risk Management Authority (ERMA) is a New Zealand government agency which controls the introduction of hazardous substances and new organisms. ...
Event chain diagram Event chain methodology is an uncertainty modeling and schedule network analysis technique that is focused on identifying and managing events and event chains that affect project schedules. ...
Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit and market risk. ...
Future studies reflects on how today’s changes (or the lack thereof) become tomorrow’s reality. ...
Hazard prevention is the process of risk management and mitigation in emergency management. ...
The introduction to this article provides insufficient context for those unfamiliar with the subject matter. ...
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...
Founded in June 2003 on the initiative of the Swiss government, the International Risk Governance Council (IRGC) is an independent foundation which aims to support governments, business and other organizations and to foster public confidence in risk governance and in related decision-making by: reflecting different views and practices and...
Topics in finance include: // Finance an overview Arbitrage Capital (economics) Capital asset pricing model Cash flow Cash flow matching Debt Default Consumer debt Debt consolidation Debt settlement Credit counseling Bankruptcy Debt diet Debt-snowball method Discounted cash flow Financial capital Funding Financial modeling Entrepreneur Entrepreneurship Fixed income analysis Gap financing...
Aggregate planning Agile software development Critical path method Critical chain Cost overrun Dependency Duration (project management) Dynamic Systems Development Method Earned Schedule Earned value management Estimation Estimation in software engineering Event chain diagram Event chain methodology Extreme project management Float (project management) Focused improvement Fordism Gantt, Henry Gantt chart Goal...
Megaprojects and Risk: An Anatomy of Ambition is a book by Bent Flyvbjerg, Nils Bruzelius, and Werner Rothengatter dealing with the risks and legalities of promotion, policy, planning, and construction of megaprojects. ...
A megaproject is a very large investment project. ...
Occupational safety and health is the discipline concerned with preserving and protecting human and facility resources in the workplace. ...
In business, the term Operational Risk Management (ORM) is the oversight of many forms of day-to-day operational risk including the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. ...
The precautionary principle is a moral and political principle which states that if an action or policy might cause severe or irreversible harm to the public, in the absence of a scientific consensus that harm would not ensue, the burden of proof falls on those who would advocate taking the...
Process Safety Management is a United States regulation intended to prevent a disaster like the 1984 Bhopal Disaster. ...
Project Management is the discipline of organizing and managing resources (e. ...
The Public Entity Risk Institute, or PERI, is a not-for-profit, tax-exempt organization that was founded in mid-1996 to promote research, education, and grant-making in the field of risk management for public entities. ...
Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
Risk analysis is the science of risks and their probability and evaluation. ...
Risk homeostasis is a psychological theory developed by Gerald J.S. Wilde, a professor emeritus of psychology at Queens University, Kingston, Ontario, Canada. ...
Risk Management Agency - Wikipedia, the free encyclopedia /**/ @import /skins-1. ...
The Risk Management Authority is a Scottish public body, established by the Criminal Justice (Scotland) Act 2003. ...
This article or section does not cite its references or sources. ...
Risk Management is a research programme set up by the Geneva Association, also known as the International Association for the Study of Insurance Economics. ...
This article lacks information on the importance of the subject matter. ...
In Project management, a timebox is a period of time in which to accomplish some task. ...
Social Risk Management (SRM) is a new conceptual framework assigned and desinged by the World Bank [1]. The objective of SRM is to extend the traditional framework of Social Policy to the non-market based Social Protection of which its three primary stateges include prevention, mitigation and coping. ...
The phrase substantial equivalence is given to a relatively new concept used in the regulation of new foods, especially genetically modified foods, also called [recombinant DNA] (rDNA) derived foods (hereafter GM foods). ...
Uncertainty is a term used in subtly different ways in a number of fields, including philosophy, statistics, economics, finance, insurance, psychology, engineering and science. ...
Definition In economics and finance, the Value at risk, or VaR, is a measure used to estimate how the value of an asset or of a portfolio of assets will decrease over a certain time period (usually over 1 day or 10 days) under usual conditions. ...
Vulnerability assessment is the process of identifying and quantifying vulnerabilities in a system. ...
External links - Risk Management Articles at PM Hut
- Annotated Bibliography on Risk Management
- Risk management at the Open Directory Project
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