Risk management is the identification and prioritization of risks followed by coordinated and economical application of resources to minimize and control the probability or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from various sources including uncertainty in financial markets, threats from project failures, legal liabilities, credit risk, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities. Risk management standards have been developed by various institutions, including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, ISO standards. Methods and goals vary according to whether the risk management method is in the context of project management, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
Strategies to manage threats include avoiding the threat, reducing the negative effect or probability of the threat, transferring all or part of the threat to another party, retaining some or all of the potential or actual consequences of a particular threat, the opposites for opportunities. Certain risk management standards have been criticized for having no measurable improvement on risk, whereas the confidence in estimates and decisions seems to increase. For example, one study found. A used vocabulary for risk management is defined by ISO Guide 73:2009, "Risk management. Vocabulary."In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss and the greatest probability of occurring are handled first, risks with lower probability of occurrence and lower loss are handled in descending order. In practice the process of assessing overall risk can be difficult, balancing resources used to mitigate between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can be mishandled.
Intangible risk management identifies a new type of a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of identification ability. For example, when deficient knowledge is applied to a situation, a knowledge risk materializes. Relationship risk appears. Process-engagement risk may be an issue; these risks directly reduce the productivity of knowledge workers, decrease cost-effectiveness, service, reputation, brand value, earnings quality. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity. Opportunity cost represents a unique challenge for risk managers, it can be difficult to determine when to put resources toward risk management and when to use those resources elsewhere. Again, ideal risk management minimizes spending and minimizes the negative effects of risks. Risk is defined as the possibility that an event will occur that adversely affects the achievement of an objective.
Uncertainty, therefore, is a key aspect of risk. Systems like the Committee of Sponsoring Organizations of the Tradeway Commission Enterprise Risk Management, can assist managers in mitigating risk factors; each company may have different internal control components. For example, the framework for ERM components includes Internal Environment, Objective Setting, Event Identification, Risk Assessment, Risk Response, Control Activities and Communication, Monitoring. For the most part, these methods consist of the following elements, more or less, in the following order. Identify the threats Assess the vulnerability of critical assets to specific threats Determine the risk Identify ways to reduce those risks Prioritize risk reduction measures The International Organization for Standardization identifies the following principles of risk management:Risk management should: Create value – resources expended to mitigate risk should be less than the consequence of inaction Be an integral part of organizational processes Be part of decision making process Explicitly address uncertainty and assumptions Be a systematic and structured process Be based on the best available information Be tailorable Take human factors into account Be transparent and inclusive Be dynamic and responsive to change Be capable of continual improvement and enhancement Be continually or periodically re-assessed According to the standard ISO 31000 "Risk management – Principles and guidelines on implementation," the process of risk management consists of several steps as follows: This involves: observing the context the social scope of risk management the identity and objectives of stakeholders the basis upon which risks will be evaluated, constraints.
Defining a framework for the activity and an agenda for identification developing an analysis of risks involved in the process mitigation or solution of risks using available technological and organizational resource
Ardagh Fort is a ringfort and National Monument in County Limerick, famous as the discovery site of the Ardagh Hoard. Ardagh Fort is located west of the crossroads at Ardagh, atop a hill 103 m above sea level, overlooking the Daar River; the hillfort dates to the late Bronze Age or early Iron Age, c. 1000 BC. In late September 1868 two local boys, Jimmy Quin and Paddy Flanagan, were digging potatoes at the southwest edge of the fort — farmers avoided forts, believing them to be abodes of the Aos Sí, but they may have chosen the site in the belief that it would protect against potato blight. There, they discovered the Ardagh Hoard: a beautiful silver and gold chalice, a stemmed copper-alloy cup, four brooches, all from the 8th or 9th centuries AD. There was a wooden cross from the Penal era: it bore the inscription "727" short for "1727", the goods may have been concealed c. 1740. Catholic Mass is said to have been said at the rath in the penal era. A rath with a high bank and deep ditch to the north and south.
It covers 0.3 ha. Ressad
RoqueForte is a 2010 studio album by Flemish acoustic avant-rock and neo-classical chamber music group Aranis, led by composer and contrabass player Joris Vanvinckenroye. It was released in Belgium by Home Records; the album includes guest musicians Dave Kerman from Thinking Plague and Present, Pierre Chevalier from Univers Zero and Present. The inclusion of a drummer on RoqueForte is a departure from Aranis' previous "signature drummerless acoustic sound". In a review at AllMusic, Dave Lynch called RoqueForte Aranis' "finest recording thus far", described the music as their "most varied … to date", he said that Joris Vanvinckenroye's compositions here are "uniquely beautiful and powerful", complimented rock drummer Dave Kerman's restraint on this "chamberesque – and at times nearly orchestral" album. Writing at Progressor, Vitaly Menshikov described the album as "truly astonishing", "highly recommended to all'serious' progressive music lovers". A reviewer in The Rocktologist magazine was a little more critical of the album, saying that while he has enjoyed Aranis' music, he felt that some of the compositions on RoqueForte tend to be similar in structure to their earlier work, that the arrangements are a little "too condensed", leaving "hardly any spaces for the music to take on more atmosphere".
All tracks are written by Joris Vanvinckenroye. Source: Liner notes, AllMusic, Discogs. Joris Vanvinckenroye – composer, double bass Jana Arns – flutes Liesbeth Lambrecht – violin Stefan Wellens – viola Marjolein Cools – accordion Pierre Chevalier – piano Stijn Denys – guitar Dave Kerman – drums, percussionSource: Liner notes, AllMusic, Discogs. Recorded March–April 2010 at Madam Fortuna, Antwerp, Belgium Pieter Thys – engineer Flavio Marredda – mastering, mixing Joris En Jana – mastering, mixing Liesbeth Lambrecht – layout Iris Thissen – photographySource: Liner notes, AllMusic, Discogs. RoqueForte at Home Records