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CONTEXT AND KEY CONCEPTS OF RISK MANAGEMENT

Risk is inherently present in all organizations. Risks present organizations with challenges but may also offer a competitive advantage when both threats and opportunities are managed proactively. Risk management provides a comprehensive and integrated framework for addressing and managing risk at all levels of the organization, from portfolios through programs, projects, and operations.

2.1 KEY CONCEPTS AND DEFINITIONS

All organizations face the uncertainty of both internal and external events. Uncertain present and future challenges can be dealt with by formulating and applying a sound business strategy toward realizing a set of objectives and managing risks. Risk management provides insight into ...

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