What is risk management?

By March 23, 2016 No Comments

Risk management is recognised as an integral part of good management practice. To be most effective, risk management should become part of an organisation’s culture. It should be integrated into the organisation’s philosophy, practices and business plans rather than be viewed or practiced as a separate program. When this is achieved, risk management becomes the business of everyone in the organisation.

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risk associated with any activity, function or process in a way that will enable organisations to minimise losses and maximise opportunities.

Risk management is as much about identifying opportunities as avoiding or mitigating losses.

The methodology InterDynamics employs is based on the Zurich Hazard Analysis developed by Zurich Risk Engineering. It is similar to, and supportive of the framework provided by the Australian/New Zealand ISO standard for Risk management – Principles and guidelines (AS/NZS ISO 31000:2009).

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