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risk management process

The process of making and implementing decisions that will minimize the adverse effects of accidental business losses on an organization. Making these decisions involves a sequence of five steps: identifying and analyzing exposures to loss, examining feasible alternative risk management techniques to handle exposures, selecting the most appropriate risk management techniques to handle exposures, implementing the chosen techniques, and monitoring the results. Implementing these decisions requires performing the four functions of the management process: planning, organizing, leading, and controlling resources. See also Risk management; Risk management techniques; Planning; Organizing; Leading; Controlling.


Links for IRMI Online Subscribers Only: PracRisk, Topic A-11

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