Risk management definitions

These definitions are from the Australian/New Zealand Standard, Risk Management.
The chance of something happening that will have an impact on objectives. A risk is often specified in terms of an event or circumstance and the consequences that may flow from it. Risk is measured in terms of a combination of the consequences of an event and its likelihood. Risk may have a positive or negative impact.
Risk management process
The systematic application of management policies, procedures and practices to the tasks of communicating, establishing the context, identifying, analysing, evaluating, treating, monitoring and reviewing risk.
Risk management framework
The set of elements of an organization’s management system concerned with managing risk. Management system elements can include strategic planning, decision making, and other strategies, processes and practices for dealing with risk. The culture of an organization [and the jurisdiction being regulated] is reflected in its risk management system.
Risk analysis
The systematic process to understand the nature of and to deduce the level of risk. Risk analysis provides the basis for risk evaluation and decisions about risk treatment.
Risk assessment
The overall process of risk identification , risk analysis and risk evaluation.


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