Overview
Risk management is a process to control the level of risk and to reduce its effects. In managing risk, we seek to minimise – though not necessarily eliminate – threats and maximise opportunities.
A risk is “an uncertain event or sets of events which, should it occur, will have an effect on the achievement of objectives”.
We need to manage risk to:
- Increase the probability that our objectives will be delivered
- Support better decision making
- Protect our reputation
- Safeguard against financial loss
- Minimise disruption to policy/project delivery
