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Risk management tools. Risk management tools allow the uncertainty to be addressed by identifying and generating metrics, parameterizing, prioritizing, and developing responses, and tracking risk. These activities may be difficult to track without tools and techniques, documentation and information systems. There are two distinct types of risk ...
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 ...
ISO 31000. ISO 31000 is a family of international standards relating to risk management codified by the International Organization for Standardization. [1] The standard is intended to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.
e. Governance, risk management and compliance (GRC) is the term covering an organization's approach across these three practices: governance, risk management, and compliance. [1][2][3][4] The first scholarly research on GRC was published in 2007 [5] where GRC was formally defined as "the integrated collection of capabilities that enable an ...
The Integrated Risk Information System (IRIS) is an environmental assessment program operated by the U.S. Environmental Protection Agency (EPA). The IRIS program is focused on risk assessment, and not risk management (those decision processes involving analysis of regulatory, legal, social and economic considerations related to the risks being ...
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
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