Monday, 23 November 2009

Responding to risks: Summary

There are several possible responses to risk, ranging from tolerating to eliminating.

The right response to risk depends on the specific situation and also our calculations of probability and impact.

Transferring and insuring against risk involve others in risks, to the benefit of the business; the trade-off is increased costs.

Managing risks well depends on sharing information, clear responsibilities and consistency of approach.

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