risk management

Risk management is a term adopted from the world of finance into corporate culture and IT technology. In companies, risk management covers all areas relevant to finance, development, information and production technology.

Risk management is a methodical concept to systematically capture risk awareness, threat assessment, hazard and vulnerability identification, risk analysis, risk handling, key risk indicators and risk management controlling. At management functions, risk management includes riskidentification, risk handling, and decision implementation and control. After the assessment of the risk and the risk analysis, there is the recording of the constraints, which can be expressed in losses, downtimes or quality restrictions. This is followed by the selection of the technique or techniques that can be used to eliminate the risks. After implementing the selected technique, the next step is monitoring the results and feeding them back to the decision.

Companies must define in their risk policy the risk potential and how to deal with the risks and opportunities. Risk management is addressed in the ISO 31001 series of standards.

One approach to risk management to better assess risks that affect the integration of technologies and processes in organizations is Integrated Risk Management( IRM).