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Firefighters are exposed to risks of fire and building collapse during their work.. In simple terms, risk is the possibility of something bad happening. [1] Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. [2]
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
Management selects a risk response strategy for specific risks identified and analyzed, which may include: Avoidance: exiting the activities giving rise to risk; Reduction: taking action to reduce the likelihood or impact related to the risk; Alternative Actions: deciding and considering other feasible steps to minimize risks
Risk-taking means engaging in any behavior or activity with an uncertain physical, social, emotional or financial outcome. Risk is an everyday part of life, from driving a car to buying a house at ...
Business risks can arise due to the influence by two major risks: internal risks (risks arising from the events taking place within the organization) and external risks (risks arising from the events taking place outside the organization): [4] [5] [6] Internal risks arise from factors (endogenous variables, which can be influenced) such as:
Whereas risk appetite is how much risk an organization is willing to take on, risk tolerance is how much risk an organization is capable of taking on. Therefore, an organization's risk threshold is always lower than or equal to its risk tolerance. [5] Exposure past the risk tolerance limit (not to be confused with the risk threshold) is ...
The objective of SRM is to extend the traditional framework of social protection to include prevention, mitigation, and coping strategies to protect basic livelihoods and promote risk taking. SRM focuses specifically on the poor, who are the most vulnerable to risk and more likely to suffer in the face of economic shocks.
Risk transformation is relevant in many areas, such as: Regulatory risks, involving compliance or lack of compliance; Risk related to management and operations; Organizational risk; Project management risk; Systems implementation and technical support risks; Strategy risk, related to strategy development and execution, or lack of strategy