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Risk Management
Risk management is a structured approach to managing uncertainty related to a threat, through a sequence of human activities including: risk assessment, strategies development to manage it, and mitigation of risk using managerial resources.
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.
The 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).
New GAO Reports: Border Security, Deepwater Management and Oversight, Medicare Advantage Organizations, Risk Management
Border Security: State Department Expects to Meet Projected Surge in Demand for Visas and Passports in Mexico, GAO-08-931T, June 25,...
Value-at-Risk as an AltimeterSubmitted by: Gilles Zumbach, Senior Researcher, Risk Management
In a recent New York Times Magazine cover story, the efficacy of VaR, or Value-at-Risk, was debated. The reference by one risk manager to VaR as an altimeter was perfect and deserves further thought...
Records Management, Privacy and e-Discovery Workshop: Achieving sensible solutions for records management, risk reduction and litigation readiness
Featuring K&L Gates Partners, David R. Cohen and Dominic Bray, along with the Director of EMEA IM Marketing for HP Software, Erik Moller, this workshop addresses a myriad of issues including the risks and complexity of e-discovery and how to minimize those risks while maximizing cost savings and auxiliary benefits, European Privacy and Data Protection issues, and recommendations for best practices and solutions planning for data management, privacy and disclosure...
Risk Taking v. Risk Management
In an earlier post, I discussed risk-taking decisions by boards and whether excessive risk-taking might constitute a breach of a...
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