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An introduction to risk management
The risk framework
1.1 Introduction to risk management
The control and mitigation of risk costs money and takes up
management time, so it is critical that we can understand the benefits of
risk management and compare these to the costs to assess whether a
risk management strategy is worthwhile.
1.2 Overview of the risk framework
Risk
awareness
Risk
assessment
Risk
management
Mitigate Hedge Diversify
– reduce risk by – take action to – build up a
using control ensure a certain portfolio of
procedures outcome projects
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