Risk Management

FJ

This is the systematic method and practice of dealing with uncertainty in order to reduce the risk of injury and loss.

Risk management entails assessing and analyzing hazards, as well as developing and implementing strategies and specific actions to control, decrease, and transfer risks. Organizations use it to reduce risk in investment decisions and handle operational risks such as business interruption, production failure, environmental damage, social consequences, and fire and natural disaster damage. Risk management is a critical concern for industries like water supply, electricity, and agriculture, whose output is directly affected by weather and climate extremes.

References

  • HG (2020, February 22). Common Terminologies (A-z) Of Disaster Risk Reduction & Management. Humanitarian Global. Retrieved December 6, 2023, from Link

 

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