risk management

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risk management

[′risk ‚man·ij·mənt]
(engineering)
The overall systematic approach to analyzing risk and implementing risk controls.

Risk management

The management of an activity, accepting a level of risk which is balanced against the benefit of the activity, usually based on an economic assessment.

risk management

In the building industry, the systemized practice of avoiding potential risks, such as culpability and liability or legal entanglements.

risk management

The optimal allocation of resources to arrive at a cost-effective investment in defensive measures within an organization. Risk management minimizes both risk and costs. See risk assessment and risk mitigation.
References in periodicals archive ?
Working with such organizations as what is now the Hazard Risk Management Team and the Development Economics Research Group, along with advisors from environmental and earth science research groups and even the Lamont Doherty Earth Observatory at Columbia U.
A bird hazard risk management assessment and management plan for the lake would have been a requirement of planning permission, but Mr Rankin and his advisers have decided they don't wish to apply for permission.
We are unique in being the only independent company world-wide to offer a complete commercial consultancy service in all aspects of glacial hazard risk management,''he says This involves identifying hazards, assessing the risk for the local infrastructure and community,and drawing up and managing a solution.
based firm that provides natural hazard risk management products and services, primarily to the insurance and reinsurance industries.