Risk is the potential damage or impact on the people, organization, and property that is ascertained by estimating the chances of a probable threat that exploits the exposed vulnerability in the organization, person, system, or asset. Risk-caused or associated damage or impact can be theft or breach of data, injury to people or personnel, or damaging business, utility and communication systems, infrastructure, and properties. An example of risk, in general, can be given as there is a risk to swim in a canal in a hilly area when it is raining as a flash flood is likely to occur and cause harm to the person.
Risk Management is a continuous course of action or procedure to detect risks and have and apply plans to control or mitigate risks in order to ensure a safe environment where physical injury and property damage are brought to a minimum or expected reduced level.
There are a number of methods to handle risk such as Avoiding Risk, Accepting Risk, Transfering Risk, Reducing Risk, etc.
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