risk management

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risk management (uncountable)

  1. The process of determining the maximum acceptable level of overall risk to and from a proposed activity, then using risk assessment techniques to determine the initial level of risk and, if this is excessive, developing a strategy to ameliorate appropriate individual risks until the overall level of risk is reduced to an acceptable level.
    • 2002: InsTech.info, LLC, A short history of risk management: 1900 - 2002 at [1]
      1921: Frank Knight publishes Risk, Uncertainty and Profit, a book that becomes the keystone in the risk management library.
    • a2006: University of Surrey website, Risk Management History read at [2]
      Even if it has deeper foundations, risk management, as it is practiced today, is essentially a post-1960s phenomenon.
    • 2006: BBC News website, How do you judge offenders' risk? read at [3]
      Where release is recommended, a "risk management plan" outlining how the offender will be managed in the community and detailing recommended licence conditions, is also submitted.