Explicitly address uncertainty risk of management

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Explicitly address uncertaintyRisk of management identifies the potential risks, agencies can implement controls and treatments to maximise the chance of gain while minimising the chance of loss. Be transparent and inclusive Engaging stakeholders, both internal and external, throughout the risk management process recognises that communication and consultation is key to identifying, analysing and monitoring risk. Facilitate the continual improvement of organisations Agencies with a mature risk management culture are those that have invested resources over time and are able to demonstrate the continual achievement of their objectives.
Risk management is a multifaceted processEstablish the contextCommunicate and consultMonitor and reviewRisk identificationRisk analysisRisk treatmentRisk evaluationRisk assessment
Risk identificationRequire the application that understanding what could happen and how could it happen.Risk analysis More concern with the actual consequences of risks and determine the likelihood of those consequences.Risk evaluationInvolves making a decision about the level of risks through the application of the criteria developed in the establish of the context
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