Risk Management 85
Risk Management 85 :
The process, derived through system safety principles, whereby management decisions are made concerning control and minimization of hazards of residual risks (SSDC); the professional assessment of all loss potentials in an organization's structure and operations, leading to the establishment and the administration of a comprehensive loss control program. Related to and dependent upon an ongoing program of accident prevention, risk management encompasses the selection of purchased insurance, self-insurance, and assumed risk. Its goal is to reduce losses to an acceptable minimum at the lowest possible cost (ASSE). An OSH glossary used in safety and health at work which is, adopted by ILO {102}. The term definition has been obtained from the secondary source
