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Uncertainty, therefore, is a key aspect of risk. [10] Risk management appears in scientific and management literature since the 1920s. [11] It became a formal science in the 1950s, when articles and books with "risk management" in the title also appear in library searches. [12] Most of research was initially related to finance and insurance.
Lam's first book, Enterprise Risk Management: From Incentives to Controls, published in 2003 (second edition, 2014) by Wiley, achieved significant praise by ranking #1 best-selling title among 25,000 risk management books on Amazon. This specific work has been translated into multiple languages, such as Chinese, Indonesian, Japanese, and Korean.
"Megaprojects" is the term applied to multibillion-dollar infrastructure developments such as massive dams and bridges, and to elaborate railways and highways.The book identifies a "megaprojects paradox," pointing out that more of these projects are being implemented, but such projects typically perform very poorly, often with substantial cost overruns and market shortfalls.
Within non-financial corporates, [9] [10] the scope is broadened to overlap enterprise risk management, and financial risk management then addresses risks to the firm's overall strategic objectives. In investment management [ 11 ] risk is managed through diversification and related optimization; while further specific techniques are then ...
risk assessment (risk identification, risk analysis, risk evaluation) risk treatment; monitoring and review "Risk assessment is the overall process of risk identification, risk analysis and risk evaluation" (ISO 31010) Risk can be assessed at any level of the company’s operations or goals.
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The Swiss cheese model of accident causation is a model used in risk analysis and risk management. It likens human systems to multiple slices of Swiss cheese , which has randomly placed and sized holes in each slice, stacked side by side, in which the risk of a threat becoming a reality is mitigated by the differing layers and types of defenses ...