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A risk management plan is a document to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix.According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed".
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 .
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]
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] [2] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [3]
A health risk assessment (HRA) is a health questionnaire, used to provide individuals with an evaluation of their health risks and quality of life. [5] Commonly a HRA incorporates three key elements – an extended questionnaire, a risk calculation or score, and some form of feedback, i.e. face-to-face with a health advisor or an automatic online report.
This is typically achieved by taking out insurance against the risk occurring, by entering into a contract with another organization, or by using partnership or joint venture structures to share the risk and cost should the threat eventuate. [4] The act of purchasing insurance is an example of risk transferral.
Status of Local Hazard Mitigation Plans from FEMA as of March, 2018. A Local Mitigation Strategy (LMS) or Local Hazard Mitigation Plan (HMP) is a local government plan (in the United States, typically implemented at a county level), that is designed to reduce or eliminate risks to people and property from natural and man-made hazards.
Disaster risk reduction (DRR) is defined by United Nations Office for Disaster Risk Reduction (UNDRR) as those actions which aim to "prevent new and reducing existing disaster risk and managing residual risk, all of which contribute to strengthening resilience and therefore to the achievement of sustainable development".