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Risk management

Risk management is "the systematic approach and practice of managing uncertainty to minimize potential harm and loss."


Aspects of risk management#

Risk managment involves planning, organization, allocation of work tasks and check up of sources of organization in order to reduce losses, damages, harms, injuries or deaths caused by various hazards. Risks are reduced by the reduction of vulnerability of objects, human population, environment, state etc. A related concept is impact mitigation for risks that have already realized. According to the majority of technical norms and standards, vulnerability reduction is performed at planning, designing, construction and operation of protected assets against all risks, the probability of which is equal or greater than 0.05.
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