RISK MANAGEMENT

The process of evaluating and selecting regulatory and non-regulatory responses to risk. The selection process necessarily requires the consideration of legal, economic, and behavioural factors . The terms risk management and risk assessment are used in many different ways, in different contexts and jurisdictions and by different professions. There is often little consistency of use even within one countr. It is therefore recommended, that these terms are explained in the context in which they are intended to apply. Choudhury and Jansen (1997)