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What is the difference between risk management and risk control?
Wiki User
∙ 16y ago
Risk Control is a somewhat obscure term, particularly in comparison to the much more familiar term Risk Management. Google returns fewer than nine hundred thousand hits for RC, whereas it returns almost ten million for RM. RC seems to be a term mainly associated with reducing hazards in the workplace. RM is a term used in all sorts of business contexts, particularly in engineering forms and manufacturing companies, and is an activity that deals primarily with identifying, assessing, and mitigating potential problems that, should they occur, would have a negative impact on a project or program.
Wiki User
∙ 16y ago
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What is the difference between the traditional risk management and enterprise risk management?
The differences between traditional risk management and enterprise risk management are their strategic applications and performance metrics. Enterprise risk management involves the whole organization while traditional risk management is usually more departmentalized.
What is the difference between a 'policy' and a 'framework' specifcally in the context of risk management?
What is the difference between Education framework and plicy.
What is the difference between crisis management and risk management?
Risk management involves predicting potential threats and determining the best strategy to deal with those threats, crisis management involves dealing with threats after they have occurred.
What does risk management encompass?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
Is risk management about controlling risk not avoiding risk?
Avoidance is the best means to control the risk.If your efforts at avoiding the loss are successful it means you will save your business from the loss.That's why avoidance is considered as the first step in risk management process.But there is a difference between avoiding risk and accepting risk.Avoiding risk means that you are not going to do anything with the risk.But in accepting the risk you are actually doing something as you have accepted its impacts.
What is the difference between the traditional risk management and enterprise risk management?
The differences between traditional risk management and enterprise risk management are their strategic applications and performance metrics. Enterprise risk management involves the whole organization while traditional risk management is usually more departmentalized.
What is the difference between a 'policy' and a 'framework' specifcally in the context of risk management?
What is the difference between Education framework and plicy.
What does risk management?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
What is the difference between crisis management and risk management?
Risk management involves predicting potential threats and determining the best strategy to deal with those threats, crisis management involves dealing with threats after they have occurred.
What does risk management encompass?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
Is risk management about controlling risk not avoiding risk?
Avoidance is the best means to control the risk.If your efforts at avoiding the loss are successful it means you will save your business from the loss.That's why avoidance is considered as the first step in risk management process.But there is a difference between avoiding risk and accepting risk.Avoiding risk means that you are not going to do anything with the risk.But in accepting the risk you are actually doing something as you have accepted its impacts.
What is the difference between record and record management?
A main difference is that records management is associated with governance, risk, and compliance. Information management is the collection and management of information from one or more sources and the distribution of it to various audiences.
What is the difference between an infection control hazard and an infection control risk?
The Hazard is always what can do the harm e.g. MRSA The risk is the likelihood that the harm could be realised unless control measures are implemented and followed
Composite Risk Management steps?
Steps in composite risk management: Identify hazards. Assess hazards to determine risks. Develop control methods to manage the risk. Implement the control methods. Supervise and evaluate.
A principle of risk management?
the three basic categories of control?
What is Difference between wholesaler and retailer on the basis risk?
what is Difference between wholesaler and retailer on the basis risk?
What is the difference between Inherent Risk and Control Risk?
Inherent Risk is embeded in the Model or the structure of the Company, such as Banks and financial institutions have an inherent risk of Robbery as cash is being handled at high volumes.This cant be controlled due to the basic structure of the business. The Auditor can not change this risk due to its embeded nature. Control Risk on the contrary is the Risk due to Internal Control implemented in order to minimize material misstatements. Management designs the internal control system in order to prevent material misstatement occurence. Auditor again cant change this and has to tune the Detection risk based on the level of these 2 risks.
