Risk management is an art as much as a science. It reflects not only the quantification of risks through risk measurement but also a more profound and concrete understanding of the nature of risk. Risk management is the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, assessing, treating, monitoring and communicating.
The risk management process can be broken down into two interrelated phases, risk assessment and risk control. Risk identification is the act of identifying negative and positive risks that impact an objective. It is an iterative process that, with each cycle, can contribute progressively to organisational improvement by providing management with a greater insight into risks and their impact.


risk, risk management, risk identification & risk assessment

JEL Codes: M10, G31


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