Risk management in ISO 9004: 2009

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1. Risk management - Wikipedia, the free encyclopedia

   Risk is defined in ISO 31000 as the effect of uncertainty on objectives (whether positive or negative). Risk management can therefore be considered the ...
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2. Financial risk management - Wikipedia, the free encyclopedia

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3. Risk Management

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5. HSE: Risk management – health and safety in the workplace

   HSE provides practical steps to protect people from the risks in the workplace that cause real harm and suffering.
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6. GARP : Global Association of Risk Professionals

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7. The Institute of Risk Management

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8. The Risk Management Association

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9. Risk Management

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11. Risk Management Agency (RMA)

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12. Books for risk management

    Risk Management - Michel Crouhy, Dan Galai, Robert Mark - 2000 - 766 pages
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Risk management

From Wikipedia, the free encyclopedia

This article appears to contain a large number of buzzwords. Specific concerns can be found on the Talk page. Please improve this article if you can. (May 2010)

This article is missing citations or needs footnotes. Please help add inline citations to guard against copyright violations and factual inaccuracies. (July 2007)

This article contains instructions, advice, or how-to content. The purpose of Wikipedia is to present facts, not to train. Please help improve this article either by rewriting the how-to content or by moving it to Wikiversity or Wikibooks. (July 2009)

For non-business risks, see risk or the disambiguation page risk analysis.

Example of risk management: NASA's illustration showing high impact risk areas for the International Space Station.

Risk is defined in ISO 31000 as the effect of uncertainty on objectives (whether positive or negative). Risk management can therefore be considered the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events^[1] or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary. Several risk management standards have been developed including the Project Management Institute, the National Institute of Science and Technology, actuarial societies, and ISO standards.^[2][3]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.

The strategies to manage risk 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.

Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk even though the confidence in estimates and decisions increase.^[1]

Contents [hide] 1 Introduction 1.1 Method 1.2 Principles of risk management 2 Process 2.1 Establishing the context 2.2 Identification 2.3 Assessment 3 Composite Risk Index 4 Risk Options 4.1 Potential risk treatments 4.1.1 Risk avoidance 4.1.1.1 Hazard Prevention 4.1.2 Risk reduction 4.1.3 Risk sharing 4.1.4 Risk retention 4.2 Create a risk management plan 4.3 Implementation 4.4 Review and evaluation of the plan 5 Limitations 6 Areas of risk management 6.1 Enterprise risk management 6.2 Risk management activities as applied to project management 6.3 Risk management techniques in petroleum and natural gas 7 Risk management and business continuity 8 Risk communication 8.1 Bow tie diagrams 8.2 Seven cardinal rules for the practice of risk communication 9 See also 10 References 11 Further reading 12 External links

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ISO 31000, go here

Risk Assessment, go here

Business Risk Assessment, go here