Knowra Risk management Risk management Risk management is the coordinated process of identifying, assessing, and treating uncertainties that could affect objectives. It includes choosing responses and monitoring changing risks.
Risk identification : The process of finding and describing events or conditions that could affect objectives. It begins the management cycle by making potential threats and opportunities explicit.
Risk : The effect of uncertainty on objectives, including potential gains and losses. Risk management acts on uncertainty in relation to stated objectives.
Enterprise risk management : An organization-wide approach to managing risks across strategy, operations, and governance. It integrates risk decisions across an entire organization rather than a single project.
Crisis management : The coordination of decisions and actions during or immediately after a serious disruptive event. Risk management seeks to prepare before harm; crisis management directs response once disruption occurs.
Risk analysis : The systematic examination of uncertainty, causes, likelihood, and consequences. Analysis estimates how identified risks may affect objectives.
Uncertainty : A condition in which outcomes, causes, or relevant information are not fully known. Uncertainty is the source from which risks arise.
Project risk management : The planning and control of uncertainty that could affect a project's objectives. Projects apply risk methods to scope, schedule, cost, and delivery uncertainty.
Business continuity planning : The preparation of arrangements that keep critical activities operating during disruption. It focuses on maintaining operations, while risk management covers a broader range of uncertainties.
Risk evaluation : The process of comparing analyzed risks with criteria to decide their significance. It determines which risks need treatment and which can be accepted.
Likelihood : The chance that an event or outcome will occur, expressed qualitatively or quantitatively. Likelihood is commonly combined with consequence to estimate risk.
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