Risk Management 25
Risk Management 25 :
“The art or act of handling the possibility of loss or injury. Involves four components of (1) Indexing critical operations, (2) Assessing risk exposure for those operations designated as “vital” or “high,” (3) Developing mitigation plan outlining who, what, when and how the corrective and preventive actions will be implemented, and (4) Testing and measurement of the effectiveness of the corrective and preventive actions”. (Schaming 1998, 26-28)
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