risk management


 

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Definition: 

The systematic approach and practice of managing uncertainty to minimize potential harm and loss. Risk management comprises risk assessment and analysis, and the implementation of strategies and specific actions to control, reduce and transfer risks. It is widely practiced by organizations to minimise risk in investment decisions and to address operational risks such as those of business disruption, production failure, environmental damage, social impacts and damage from fire and natural hazards. Risk management is a core issue for sectors such as water supply, energy and agriculture whose production is directly affected by extremes of weather and climate. (Source: UN office of Disaster Risk Reduction)

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Synonyms
  • risk minimization
  • risk evaluation
  • disaster risk management

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