Issue 01 - September 2004
Introduction to Risk Management
Risk management is recognised as an integral part of good management practice. It is an iterative process consisting of steps which, when undertaken in sequence, enable continuous improvement in decision-making. Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risks associated with any activity in a way that will enable organisations to minimise loss and maximise opportunities. Risk may be treated variously by avoidance, by transfer, by acting upon causes, and by managing consequences. Any or all of these strategies may be appropriate in particular circumstances...