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Innovative Enterprise Risk Management Tools

Written by  C. ARIEL PINTO, Ph.D. & THERESA A. KIRCHNER, Ph.D., MBCP Thursday, 06 January 2011 20:29

Risk Potential for exposure to loss which can be determined by using either qualitative or quantitative measures Risk Assessment Process of identifying the risks to an organization, assessing the critical functions necessary for an organization to continue business operations, defining the controls in place to reduce organization exposure and evaluating the cost for such controls. Risk analysis often involves an evaluation of the probabilities of a particular event. Risk Management Culture, processes and structures that are put in place to effectively manage potential negative events. As it is not possible or desirable to eliminate all risk, the objective is to reduce risks to an acceptable level. Table 1: Risk-Related Definitions – DRJ / DRI International Glossary Risk assessment