Risk Management: Risk management refers to the mitigation of risk. It is defined as a process of discovering, analyzing, and assessing the risks to an organization’s operations. It also determines how these risks can be controlled and mitigated. The various sources of risk include uncertainty in financial markets, legal liabilities, threats from project failures, credit risk, etc. Several risk management standards was developed such as Project Management Institute, the National Institute of Standards and Technology, and ISO standards.

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Chapter 6, Problem 7RQ

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Risk Management:

Risk management refers to the mitigation of risk.

It is defined as a process of discovering, analyzing, and assessing the risks to an organization’s operations.

It also determines how these risks can be controlled and mitigated.

The various sources of risk include uncertainty in financial markets, legal liabilities, threats from project failures, credit risk, etc.

Several risk management standards was developed such as Project Management Institute, the National Institute of Standards and Technology, and ISO standards.

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