Page 187 - SBL Integrated Workbook STUDENT 2018
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Identification, assessment and measurement of risk
Risk management
Risk management is therefore the process of reducing the possibility of
adverse consequences either by reducing the likelihood of an event or its
impact, or taking advantage of the upside risk.
Management are responsible for establishing a risk management system
in an organisation.
2.1 Risk management process
Process of risk management
List of potential
Risk identification
risks
Risk assessment Prioritised risk list
Risk avoidance and
Risk planning
contingency plans
Risk monitoring Risk audit
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