Risk Management Task
A Risk Management Task is a management task that identifies, assesses, and controls organizational risks to minimize adverse impacts.
- AKA: Risk Control Task, Risk Handling Task, Risk Treatment Task.
- Context:
- It can typically identify Risk Management Factors through risk management scanning processes.
- It can typically assess Risk Management Probability using risk management assessment methods.
- It can typically evaluate Risk Management Impact via risk management impact analysis tools.
- It can typically prioritize Risk Management Responses through risk management ranking frameworks.
- It can typically implement Risk Management Controls using risk management mitigation strategies.
- It can typically document Risk Management Findings in risk management registers.
- It can typically validate Risk Management Effectiveness through risk management review processes.
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- It can often coordinate Risk Management Teams for comprehensive risk management coverage.
- It can often develop Risk Management Plans with risk management contingency measures.
- It can often monitor Risk Management Indicators through risk management tracking systems.
- It can often update Risk Management Registers based on emerging risk management threats.
- It can often communicate Risk Management Status to risk management stakeholders.
- It can often integrate Risk Management Activitys across organizational risk management boundaries.
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- It can range from being a Strategic Risk Management Task to being an Operational Risk Management Task, depending on its risk management scope.
- It can range from being a Quantitative Risk Management Task to being a Qualitative Risk Management Task, depending on its risk management methodology.
- It can range from being a Project-Specific Risk Management Task to being an Enterprise Risk Management Task, depending on its risk management coverage.
- It can range from being a Reactive Risk Management Task to being a Proactive Risk Management Task, depending on its risk management timing.
- It can range from being a Manual Risk Management Task to being an Automated Risk Management Task, depending on its risk management automation level.
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- It can utilize Risk Modeling Tools for risk management predictive analysis.
- It can employ Risk Assessment Matrices for risk management impact visualization.
- It can leverage Risk Management Software for risk management systematic tracking.
- It can implement Risk Management Frameworks for risk management standardized approaches.
- It can apply ISO 31000 standards for risk management compliance.
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- Example(s):
- Domain-Specific Risk Management Tasks, such as:
- Financial Risk Management Tasks, such as:
- Legal Risk Management Tasks, such as:
- IT Risk Management Tasks, such as:
- Organizational Risk Management Tasks, such as:
- Enterprise Risk Management Tasks, such as:
- Operational Risk Management Tasks, such as:
- Specialized Risk Management Tasks, such as:
- Healthcare Risk Management Tasks, such as:
- Environmental Risk Management Tasks, such as:
- Risk Process Phase Tasks, such as:
- Risk Identification Tasks, such as:
- Risk Assessment Tasks, such as:
- Risk Mitigation Tasks, such as:
- Risk Monitoring Tasks, such as:
- Governance and Compliance Risk Management Tasks, such as:
- Governance, Risk Management, and Compliance (GRC) Tasks for integrated compliance.
- Risk Assessment Matrix development for risk prioritization.
- Contingency Plan creation for emergency preparedness.
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- Domain-Specific Risk Management Tasks, such as:
- Counter-Example(s):
- Profit Maximization Task, which focuses on revenue enhancement rather than risk management control.
- Personnel Recruitment Task, which addresses workforce acquisition rather than risk management assessment.
- Brand Promotion Task, which targets market visibility rather than risk management mitigation.
- Product Development Task, which creates new offerings rather than managing risk management factors.
- Customer Acquisition Task, which expands client base rather than controlling risk management exposure.
- See: Management Task, Risk Assessment Task, Risk Analysis Task, ISO 31000, Enterprise Risk Management, Business Continuity Planning, Operational Risk Management, Contingency Plan, Harmful Effect Mitigation Task, Governance, Risk Management, and Compliance (GRC) Task, Risk Management System, Risk Management Framework.
References
2024
- (GM-RKB ChatGPT, 2024) ⇒ Prompt: Summarize the concept Risk Management Task in 1- 2 paragraphs. GM-RKB ChatGPT (model: gpt-4-1106-preview). Retrieved: 2024-01-14.
- QUOTE: Risk Management Task is an integral part of project management, business strategies, and daily operations in organizations and industries. The core idea behind risk management is to identify, assess, prioritize, and mitigate potential risks that could adversely affect an organization's capital and earnings, its projects, or specific activities. These risks could stem from various sources such as financial uncertainties, legal liabilities, strategic management errors, accidents, and natural disasters.
During the risk management process, a task might typically start with risk identification, where potential threats are recognized and described. Following this, a risk analysis is performed to understand the likelihood and impact of each risk. Based on the analysis, risk prioritization or ranking is done to focus on the most significant risks. Finally, risk mitigation strategies are developed and implemented to manage, transfer, avoid, or reduce the risks to acceptable levels. Periodic monitoring and review of risks and the effectiveness of the management strategies are also crucial components of the risk management task to ensure that new risks are identified in a timely manner and that the mitigation measures are effective and appropriately adjusted to changing conditions.
- QUOTE: Risk Management Task is an integral part of project management, business strategies, and daily operations in organizations and industries. The core idea behind risk management is to identify, assess, prioritize, and mitigate potential risks that could adversely affect an organization's capital and earnings, its projects, or specific activities. These risks could stem from various sources such as financial uncertainties, legal liabilities, strategic management errors, accidents, and natural disasters.
2020
- (Wikipedia, 2020) ⇒ https://en.wikipedia.org/wiki/risk_management Retrieved:2020-6-26.
- Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities. Risk management standards have been developed by various institutions, including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
Strategies to manage threats (uncertainties with negative consequences) typically include avoiding the threat, reducing the negative effect or probability of the threat, transferring all or part of the threat to another party, and even retaining some or all of the potential or actual consequences of a particular threat. The opposite of these strategies can be used to respond to opportunities (uncertain future states with benefits).
Certain risk management standards have been criticized for having no measurable improvement on risk, whereas the confidence in estimates and decisions seems to increase. For example, one study found that one in six IT projects were “black swans" with gigantic overruns (cost overruns averaged 200%, and schedule overruns 70%).
- Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.