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Risk Management Knowledgebase

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Economy The economy, both domestically and internationally, is another important element of the risk environment.
Whilst for most organisations the general economy is a given, it does affect the markets in which they have to function in obtaining or providing goods and services.
In particular the economy can have an effect on the ability of an organisation to attract and retain staff with the skills which the organisation needs.
Estimation Risk estimation is the determination of the probability of an adverse event and the magnitude of its consequences.
Evaluation These reviews detect lessons to be learnt from projects for application in future work, and monitoring activities.
Exposure The consequences, as a combination of impact and likelihood, which may be experienced by the organisation if a specific risk is realised.
External Issues Individuals and businesses may create risks that affect people other than themselves, which are not taken into account when decisions are taken (e.g. causing pollution).
Equally, there will be less incentive for individuals or businesses to reduce risks if they will not benefit wholly from risk reduction measures, even if society as a whole would gain.
External Risk Natural disasters, terrorism, and vandalism.

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