MANAGEMENT

Detailed explanation-1: -The risk management framework supports the consistent and robust identification and management of opportunities and risks within desired levels across an organisation, supporting openness, challenge, innovation and excellence in the achievement of objectives.

Detailed explanation-2: -The Orange Book introduces a risk management model that reflects ongoing risk management as a never ending circular process. Core elements in the risk management model include risk identification, risk assessment, risk response, and risk reporting.

Detailed explanation-3: -In the UK’s Orange Book, risk is defined as the “uncertainty of outcome, whether positive opportunity or negative threat, of actions and events”.

Detailed explanation-4: -Risk Versus Uncertainty. Risk, as it is generally understood by health and safety risk analysts, measures the probability and severity of loss or injury. Uncertainty, on the other hand, refers to a lack of definite knowledge, a lack of sureness; doubt is its closest synonym.