Risk management is recognized as an integral part of good management practice. It is an iterative process consisting of steps, which, when undertaken in sequence, enable continual improvement in decision-making. Risk management is the term applied to a logical and systematic method of identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. Risk management is as much about identifying opportunities as avoiding or mitigating losses. This Standard may be applied at all stages in the life of an activity, function, project or asset. The maximum benefit is usually obtained by applying the risk management process from the beginning. Often a number of differing studies are carried out at different stages of a project. Note: This Standard may be applied to a very wide range of activities or operations of any public, private or community enterprise, or group. (Australia/New Zealand Standards, Risk Management, 1999 (2nd Ed.) )