Risk management | Wikipedia audio article
Channel: wikipedia tts
Date: 22/06/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Risk_management


00:02:33 1 Introduction
00:05:45 1.1 Method
00:06:29 1.2 Principles
00:07:40 2 Process
00:08:04 2.1 Establishing the context
00:08:50 2.2 Identification
00:13:05 2.3 Assessment
00:15:59 3 Risk options
00:17:43 3.1 Potential risk treatments
00:19:02 3.1.1 Risk avoidance
00:20:02 3.1.2 Risk reduction
00:22:20 3.1.3 Risk sharing
00:24:30 3.1.4 Risk retention
00:25:46 3.2 Risk management plan
00:27:24 3.3 Implementation
00:27:55 3.4 Review and evaluation of the plan
00:28:55 4 Limitations
00:30:16 5 Areas
00:31:30 5.1 Enterprise
00:33:54 5.2 Enterprise Security
00:34:39 5.3 Medical device
00:35:32 5.4 Project management
00:39:50 5.5 Megaprojects (infrastructure)
00:41:59 5.6 Natural disasters
00:43:08 5.7 Wilderness
00:44:04 5.8 Information technology
00:46:08 5.9 Petroleum and natural gas
00:46:25 5.10 Pharmaceutical sector
00:47:46 6 Risk communication
00:49:01 7 See also
00:50:03 8 References
00:51:13 9 External links



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SUMMARY
=======
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 sustainment 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.  Several risk management standards have been developed 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, and the opposites for opportunities (uncertain future states with benefits).
Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk; whereas the confidence in estimates and decisions seem 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%).