Risk Management: The Framework

Herfried Kohl

Chapter 1 in Managing SMEs in Times of Rapid Change, Uncertainty, and Disruption, 2024, pp 3-35 from Springer

Abstract: Key Topics in This Chapter: Mainly Qualitative In this introductory chapter, the main generic processes of risk management are discussed. Especially, we deal with the following: Risks and why risk management is critical for any type of organization. Important examples of risks. Definition of risks. The characteristics of risks (probability of occurrence, impact, time horizon, etc.). Risk management and the standard risk management process. Risk identification, risk assessment, risk mitigation, and risk treatment. Risk registers, risk portfolios, risk matrices. Implementing effective risk controls. Quantification, rating, and ranking of risks. Why and how to comply with the international standard ISO 31000 for risk management.

Date: 2024
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DOI: 10.1007/978-3-031-71272-2_1

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