The Theoretical Concept of Risk Management
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Parameters in description includes name of the risk, scope of the risk, nature of the risk, stakeholders, quantification of the risk, risk tolerance or appetite, risk treatment and control mechanisms, potential action for improvement, and strategy and policy developments (Institute of Risk Management, 2002, p.... The Risk Management Process: Business strategy and Tactics.... Thus, in this part of the risk management process, there are different components such as the formulation, development, and optimisation of policy options (Haimes, 2009, p....