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ISO 31000 is a set of international standards for risk management.It was developed in November 2009 by International Organization for Standardization. [1] The goal of these standards is to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.
There are various important ERM frameworks, each of which describes an approach for identifying, analyzing, responding to, and monitoring risks and opportunities, within the internal and external environment facing the enterprise.
In this context, risk is the combination of the frequency (likelihood) and the consequence of a specified hazardous event. Several factors are likely to be considered when deciding whether or not a risk has been reduced as far as reasonably practicable: [3] [4]
Good project risk management depends on supporting organizational factors, having clear roles and responsibilities, and technical analysis. Chronologically, project risk management may begin in recognizing a threat, or by examining an opportunity. For example, these may be competitor developments
Risk assessments can be done in individual cases, including in patient and physician interactions. [4] In the narrow sense chemical risk assessment is the assessment of a health risk in response to environmental exposures. [5]
Risk control, also known as hazard control, is a part of the risk management process in which methods for neutralising or reduction of identified risks are implemented. . Controlled risks remain potential threats, but the probability of an associated incident or the consequences thereof have been significantly red
Risk analysis is the process of identifying and assessing risks that may jeopardize an organization's success. It typically fits into a larger risk management framework. ...
The Financial Risk Manager (FRM) is a Master's degree equivalent [10] professional designation issued by GARP. The FRM is well regarded, one of the flagship certifications for financial risk professionals, along with the PRM offered by the Professional Risk Managers' International Association.