Key Management Models, 3rd Edition

23

Risk management

The big picture

Risks are an ubiquitous and characteristic side-effect of taking action by organisations (see also Chapter 33). Although there are many different types of risk (financial, economic, project, market, technical, social, operational, safety, etc.), the structured approach of risk management helps to identify risks and take appropriate action to minimise the likelihood of the occurrence or reduce the (negative) impact of that risk (Figure 23.1).

Figure 23.1 Risk management

When to use it

Every activity brings ...