Risk Management Definition

The process of assessing risk and acting in such a manner, or prescribing policies and procedures, so as to avoid or minimize loss associated with such risk.
Webster's New World Law

The process of determining the maximum acceptable level of overall risk to and from a proposed activity, then using risk assessment techniques to determine the initial level of risk and, if this is excessive, developing a strategy to ameliorate appropriate individual risks until the overall level of risk is reduced to an acceptable level.


Origin of Risk Management

  • This term relates very specifically to the field of study denoted by the term and as such is a usage specific term. The formal definition of risk is used.

    From Wiktionary

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