Management of Risk (M_o_R) incorporates all the activities required to identify and control the exposure to risk which may have an impact on the achievement of an organization’s business objectives.

It is a route map for risk management, bringing together principles, an approach, a set of interrelated processes, and pointers to more detailed sources of advice on risk management techniques and specialisms. It also provides advice on how these principles, approach, and processes should be embedded, reviewed and applied differently depending on the nature of the objectives at risk.

Risk management should be most rigorously applied where critical decisions are being made. Decisions about risk will vary depending on whether