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Definition of Risk management
1. Noun. The process of determining the maximum acceptable level of overall risk to and from a proposed activity, then using risk assessment techniques to determine the initial level of risk and, if this is excessive, developing a strategy to ameliorate appropriate individual risks until the overall level of risk is reduced to an acceptable level. ¹
¹ Source: wiktionary.com
Medical Definition of Risk management
1. The process of minimizing risk to an organization by developing systems to identify and analyze potential hazards to prevent accidents, injuries, and other adverse occurrences, and by attempting to handle events and incidents which do occur in such a manner that their effect and cost are minimised. Effective risk management has its greatest benefits in application to insurance in order to avert or minimise financial liability. (12 Dec 1998)
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