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As applied to finance, risk management concerns the techniques and practices for measuring, monitoring and controlling the market- and credit risk (and operational risk) on a firm's balance sheet, on a bank's credit exposure, or re a fund manager 's portfolio value; for an overview see Finance § Risk management.
Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed ...
Enterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's ...
The Risk Management Framework (RMF) is a United States federal government guideline, standard, and process for managing risk to help secure information systems (computers and networks), developed by the National Institute of Standards and Technology (NIST). The RMF provides a structured process that integrates information security, privacy, and ...
In order to comply with section 404 of the Act the company had to perform a top down risk assessment which necessitated the production of an "internal control report" that affirmed "the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting."
System safety. The system safety concept calls for a risk management strategy based on identification, analysis of hazards and application of remedial controls using a systems-based approach. [1] This is different from traditional safety strategies which rely on control of conditions and causes of an accident based either on the epidemiological ...