Risk Management

{
  "id": "MLC-T-ENV-024381",
  "term": "Risk Management",
  "field": "Environment",
  "definitions": [
    "1. Decisions about whether an assessed risk is sufficiently high to present a public health concern and about the appropriate means for control of a risk judged to be significant.\n\n2. The process of deciding whether and how to manage risks. Risk management requires consideration of legal, economic and behavioral factors, as well as ecological, human health and welfare effects of each decision/management alternative. Management may involve regulatory and non-regulatory responses.\n\n3. The public process of selecting the actions to take after determining risks exist. Risk Management integrates risk assessment with social, economic, engineering, and political factors that may influence the decision. Adapted from: Thompson, 1993. While the science of risk assessment helps risk management, it does not necessarily drive the decision. Other considerations may overwhelm the scientific contribution. A given community may elect to accept a condition that introduces large environmental stress at one location, but find a lesser induced stress unacceptable at another location. The second NRMRL research focus area is \"identifying, developing, and evaluating tools and technologies for prevention, control, restoration, and remediation of environmental problems that are high risk, high cost, or that lack effective management alternatives. \"US EPA, 1997 Update to ORD's Strategic Plan, EPA/600/R-97/015, April 1997.\n\n4. Management of the pure risks to which a company might be subject. Typically, it involves analyzing all exposures to the possibility of loss and determining how to handle these exposures through such practices as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, often by insurance.\n\n5. The process of evaluating and selecting alternative regulatory and non-regulatory responses to risk. The selection process necessarily requires the consideration of legal, economic, and behavioral factors.\n\n6. In the context of human health, a decision making process that accounts for political, social, economic and engineering implications together with risk-related information in order to develop, analyze and compare management options and select the appropriate managerial response to a potential chronic health hazard.\n\n7. \"The process of evaluating and selecting alternative regulatory and non-regulatory responses to risk. The selection process necessarily requires the consideration of scientific, legal, economic, and behavioral factors\".\n\n8. The process of evaluating alternative responses to risks and selecting among them. Includes consideration of technical, scientific, social, economic, and political information.\n\n9. The decision-making process that uses the results of risk assessment to produce a decision about environmental action. Risk management includes consideration of technical, scientific, social, economic, and political information.\n\n10. The process of weighing policy alternatives in the light of the results of risk assessment and, if required, selecting and implementing appropriate control options, including regulatory measures. (Control in this case is defined as prevention, elimination, or reduction of hazards and/or minimization of risks.)\n\n11. The process, distinct from risk assessment, of weighing policy alternatives, in consultation with all interested parties, considering risk assessment when available and other factors relevant for the health protection of consumers and for the promotion of fair trade practices, and if needed, selecting appropriate prevention and control options. This process can be managed at the national, regional or international level.\n\n12. The systematic evaluation of the water supply system, the identification of hazards and hazardous events, the assessment of risks, and the development and implementation of preventive strategies to manage the risks.\n\n13. The process of weighing policy alternatives in the light of results of risk assessment, and, if required, selecting and implementing appropriate control options, including regulatory measures.\n\n14. The process of weighing policy alternatives in light of results or risk assessment, and, if required, selecting and implementing appropriate control options, including regulatory measures.\n\n15. Decision-making process involving considerations of political, social, economic, and technical factors with relevant risk assessment information relating to a hazard so as to develop, analyze, and compare regulatory and non-regulatory options and to select and implement appropriate regulatory response to that hazard. Risk management comprises three elements: risk evaluation, emission and exposure control, risk monitoring.\n\n16. The process of integrating the results of a risk assessment with other information to make decisions about the need for, method of, and extent of risk reduction. Policy considerations and statutory requirements can dictate the extent to which risk information is used in decision-making and the extent to which other factors-such as technical feasibility, cost, and offsetting benefits-play a role.\n\n17. The process of identifying, evaluating, selecting and implementing alternatives for mitigating risk.\n\n18. The process by which regulatory decisions are made using all available risk assessment information (including, but not limited to, the results of the PRA). The NCP provides nine criteria for remedial decisions (e.g., protection of human health, compliance with ARARs, etc.). Risk managers may include the Remedial Project Manager (RPM), section and branch chiefs, etc.\n\n19. The process of deciding whether and how to manage risks. Risk Management requires consideration of legal, economic, social, and individual behavior factors, as well as ecological, human health and welfare effects of each decision/management alternative. Risk Management may involve regulatory and non-regulatory responses.\n\n20. Process of identifying, analyzing, assessing, and communicating risk and accepting, avoiding, transferring or controlling it to an acceptable level considering associated costs and benefits of any actions taken.",
    "(human health) A decision making process that accounts for political, social, economic and engineering implications together with risk-related information in order to develop, analyze and compare management options and select the appropriate managerial response to a potential chronic health hazard."
  ],
  "abbreviation": "RM",
  "subject": [
    "Research",
    "Health and safety"
  ],
  "references": [
    "Drinking Water Technical & Legal Terms",
    "CRS 2005",
    "Urban Watershed Management Research Terminology",
    "Environmental Insurance and Risk Management Tools Glossary",
    "Terms of Environment; EPA 2005b, RAIS 2004; Thesaurus of Terms Used in Microbial Risk Assessment; NSTEPS Online Glossary of Terms; N-STEPS Online Glossary of Terms",
    "Community-Based Air Pollution Projects Glossary; EPA 2003; Thesaurus of Terms Used in Microbial Risk Assessment",
    "EPA 1992, 25",
    "I-BEAM Glossary of Terms",
    "EPA 2004; Thesaurus of Terms Used in Microbial Risk Assessment",
    "CAC 1999, USDA 2004; Thesaurus of Terms Used in Microbial Risk Assessment",
    "CAC 2002; Thesaurus of Terms Used in Microbial Risk Assessment",
    "CRCWQT 2002; Thesaurus of Terms Used in Microbial Risk Assessment",
    "FAO/WHO 2003a; FDA 2002; Thesaurus of Terms Used in Microbial Risk Assessment",
    "FDA 2002",
    "IPCS/OECD 2004; Thesaurus of Terms Used in Microbial Risk Assessment",
    "NYS 1998; Thesaurus of Terms Used in Microbial Risk Assessment",
    "OMAF 1997; Thesaurus of Terms Used in Microbial Risk Assessment",
    "EPA Definitions of Terms Relevant to PRA and References for Further Reading at http://www.epa.gov/oswer/riskassessment/rags3adt/pdf/appendixe.pdf",
    "CRS 2005; Path Forward Glossary",
    "DHS Risk Steering Committee Risk Lexicon 2010 Edition",
    "Integrated Risk Information System (IRIS) Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/risk-management/"
}