Risk Management 47
Risk Management 47 : Definition: process of identifying, analyzing, assessing, and communicating risk and accepting, avoiding, transferring or controlling it to an acceptable level considering associated costs and benefits of any actions taken. Sample Usage: The organization employed risk management to understand and reduce the risk it faced. Annotation: Effective risk management improves the quality of decision making. Risk management principles acknowledge that, while risk often cannot be eliminated, actions can usually be taken to control risk
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