Risk Management
Risk Management
☑️ This element is an expansion of the content of Lawi's courses, guides, tools and other solutions. It offers facts, commentary, and analysis on this topic. Do you like what you read? Can I ask a favor from you? Like and share it with your family and friends so that others can discover it too. If you have been forwarded this element, please subscribe here.
Summary of Risk Management
The application of management techniques to identify, quantify, and respond to threats of loss or damage to a firm's assets. Such threats may arise from random events such as fire, explosion, theft, and acts of nature, or from the conscious efforts of external forces such as acts of terrorism, expropriation, or legislative enactment. Two elements are essential to risk management: control, the identification and neutralization or reduction of risks, and risk financing, to provide for funds at the lowest possible cost to respond for losses that could not be identified or prevented.
The management of risk financing requires that a conscious decision be made between risk retention (i.e., the amount of financial exposure the firm is prepared to retain) and risk transfer. Risk transfer can often be accomplished by the purchase of insurance from an underwriter, although insurance may not be the most economical or efficient vehicle.
(Main Author: William J. Miller)
Environmental Risk Management (in the Human Development Area)
In this context, Environmental Risk Management means:
is the identification, assessment, and prioritization of environmental risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
Literature Review on Risk Management
In the Encyclopedia of Public Administration and Public Policy, [1] David L. Baker offers the following summary about the topic of Risk Management: This entry discusses risks and defines exposures, perils, and hazards. It explicates six primary risk management concepts (risk awareness, exposure avoidance, risk assessment, risk containment, risk funding, and risk management). After highlighting macrotreatment and microtreatment strategies, common elements of governmental risk containment programs are described and the manners in which they minimize loss are examined. The entry outlines the major tasks of risk management administration and introduces the notion of pervasive risk management. Following an appraisal of the organizational benefits arising from risk management, the entry concludes with an overall summary of the topic.
Resources
Professional Content and Learning Tools
Lawi offers educational solutions and professional insight, integrating content, tools, and practical technology to promote lifelong learning, personal and professional improvement, and human progress through knowledge. Our collections feature resources and solutions from a wide range of subject areas, from management and finance to law and cybersecurity. This text is only a brief introduction. If you would like us to expand on this content, please let us know in the comments. If you’re finding our platform and newsletters valuable, share it with a colleague or friend, leave a comment and consider subscribing if you haven’t already (thanks!). There are group discounts, gift options, and referral bonuses available.
See Also
Including similar content viewed by others, in case you missed it:
Business
Company
Corporation
Enterprise
Notes and References
Entry about Risk Management in the Encyclopedia of Public Administration and Public Policy (2015, Routledge, Oxford, United Kingdom)
See Also
Including similar content viewed by others, in case you missed it:
See Also
Including similar content viewed by others, in case you missed it:
Further Reading
Global Encyclopedia of Public Administration, Public Policy, and Governance (2018, Springer International Publishing, Germany)
Hierarchical Display of Risk management
Business And Competition > Management > Management
Social Questions > Health > Health policy > Organisation of health care > Public health > Health control > EU reference laboratory
Social Questions > Health > Health policy > Earth sciences > Hazard science
Social Questions > Health > Health policy > Financial market > Financial risk
Risk management
Concept of Risk management
See the dictionary definition of Risk management.
Characteristics of Risk management
Translation of Risk management
Spanish: Gestión de riesgos
French: Gestion du risque
German: Risikomanagement
Italian: Gestione del rischio
Portuguese: Gestão de riscos
Polish: Zarządzanie ryzykiem
Thesaurus of Risk management
Business And Competition > Management > Management > Risk management
Social Questions > Health > Health policy > Organisation of health care > Public health > Health control > EU reference laboratory > Risk management
Social Questions > Health > Health policy > Earth sciences > Hazard science > Risk management
Social Questions > Health > Health policy > Financial market > Financial risk > Risk management
See Also
Including similar content viewed by others, in case you missed it:
ERM
Enterprise risk management
Risk analysis
Risk assessment