Risk Management is a collection of processes through which an organisation identifies, assesses and ranks the various threats and opportunities it might face. There are a number of methods available to an organisation seeking to manage risk.
Risks originate from a number of business aspects, whether external, such as financial market or economic risk, or internal, through data loss, theft or mismanagement. Risk Management is an integral part of Business Continuity and the needs and objectives of an organisation will determine the best options.
All businesses should consider risk. Starting a business is a risk and running organisations is risky. A large aspect of business governance is about identifying, assessing, measuring, and making decisions about risk.
There are several steps in Risk Management: the internationally recognised standard is ISO31000.
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