Management of risk
From apppm
According to ISO 31000 the definition of "risk" is "the effect of uncertainty on objectives". Looking into that definition it is noted that the word "risk" does refer to positive possibilities as well as negative ones. This definition was revised under the ISO 31000:2009 before that, the definition of the word "risk" was "chance or probability of loss".
Management of risk involves identification, assessment, and prioritization of risks. Coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
