The process of identifying, analyzing, assessing, and communicating risk and accepting, avoiding, transferring or controlling it to an acceptable level considering associated costs and benefits of any actions taken.
The process of identifying, analyzing, assessing, and communicating risk and accepting, avoiding, transferring or controlling it to an acceptable level considering associated costs and benefits of any actions taken.
Includes: 1) conducting a risk assessment; 2) implementing strategies to mitigate risks; 3) continuous monitoring of risk over time; and 4) documenting the overall risk management program.