What is Risk management?
Finding what could go wrong or turn out better than planned, and deciding what to do about it.
In plain English
The usual cycle is to identify risks, assess how likely and how serious each one is, choose a response, and keep monitoring. Common responses to a threat are to avoid it, reduce it, transfer it (for example with insurance) or accept it. The same thinking applies to opportunities.
Example
A project depends on a single supplier. The team lowers the risk by qualifying a second supplier.
Where you will meet it
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Related terms
- Stakeholder: Anyone who can affect a project or is affected by it.
- Scope creep: Uncontrolled growth in what a project is expected to deliver.
- CIA triad: Three goals of information security: confidentiality, integrity and availability.
Quick answers
What is Risk management?
Finding what could go wrong or turn out better than planned, and deciding what to do about it.
Test yourself
Practice tests with an explanation for every answer option, so each mistake teaches you something.
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