2Identifying Risk Factors and Assessing the Risks
2.1 Defining Risk Assessment and Risk Management and Different Views about Risk
Definitions of risk management vary depending on the underlying purpose of why/how you carry them out and your specific focus for each of the activities. There are similarities between definitions, so we will focus on elements that are of most importance to a small firm.
While many risk management definitions focus on financial risks, as in the Risk Management Framework (RMF) of the US, this is not our primary focus here. Inherent in the 10 Principles approach is the combination of business continuity and non-business risks, such as risks to the people who work there, as they are so ...
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