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Risk management is a dynamic process. Risks are identified, subjected to qualitative and / or quantitative analysis, and then a risk response is selected, based on the potential impact, the organization's risk tolerance, and the nature of the risk. Thereafter, the "trigger" condition associated with the risk is monitored by the risk "owner," in order to determine when the risk has become a certainty, so the risk response can be initiated.
Most organizations regularly review their risk register to determine if the potential impact or probability of a risk event has changed. If so, it may be necessary to update the planned risk response.
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What is dynamic fleet management?
Dynamic fleet management focuss on real time management of a distribution system. This means that when a dynamic event occurs within the distribution chain, action must be taken in "real-time."
Why is project management regarded as dynamic?
No
What is the difference between the traditional risk management and enterprise risk management?
The differences between traditional risk management and enterprise risk management are their strategic applications and performance metrics. Enterprise risk management involves the whole organization while traditional risk management is usually more departmentalized.
What is the fundamental goal of risk management?
The fundamental goal of risk management is to minimize the cost of risk and to maximize a firm's value (in the context of business risk management).
What does risk management encompass?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
What is dynamic fleet management?
Dynamic fleet management focuss on real time management of a distribution system. This means that when a dynamic event occurs within the distribution chain, action must be taken in "real-time."
Why is project management regarded as dynamic?
No
What is the difference between the traditional risk management and enterprise risk management?
The differences between traditional risk management and enterprise risk management are their strategic applications and performance metrics. Enterprise risk management involves the whole organization while traditional risk management is usually more departmentalized.
What is the differences between dynamic risk and static risk?
Dynamic risk is subject to exposure of loss due to environmental changes such as change in inflation rate, technology, natural calamities, political upheaval. Static risk is subject to exposure of risk but not significantly affected by the business environment and remain constant such as fire, theft and misappropriation. Dynamic risk is not insurable whereas static risk is insurable.
What does risk management?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
What are potential risk in risk management?
legislation risk and reputation risk are considered to be very potential risks in risk management.
What does risk management entail?
Risk management includes planning risk management, identifying and analyzing the risks, preparing the response plan, monitoring the risk, and implementing the risk response if the risk occurs.
What kind of application is IT risk management?
IT risk management is the application of risk management to information technology context in order to manage IT risk. IT risk management can be considered as a wider enterprise risk management system.
What fundamental goals of risk management?
The fundamental goal of risk management is to minimize the cost of risk and to maximize a firm's value (in the context of business risk management).
What is fundamental goal of risk management?
The fundamental goal of risk management is to minimize the cost of risk and to maximize a firm's value (in the context of business risk management).
What is the fundamental goal of risk management?
The fundamental goal of risk management is to minimize the cost of risk and to maximize a firm's value (in the context of business risk management).
What does risk management encompass?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
