Risk Management
Risk is
an uncertainty whose occurrence has an impact on objectives .
The impact of a risk is
either positive (then it is called an opportunity ),
or negative (in this case, the risk is called a " threat ").
Risk management aims to
minimize their negative effects and maximize their positive effects
through a rational and proactive approach .
The typical steps of risk management are:
planning based on the context
risk identification
risk analysis ( likelihood , impact )
evaluation , that is, quantification and prioritization
response planning
monitoring and re-evaluation
Types of treatments for threats :
avoidance through prevention or deterrence
reduction of impact through containment , repair
acceptance of the total or residual threat
transfer , for example through insurance
Decision criterion to protect oneself from a threat :
cost of protection minus probability of the threat multiplied by its impact .