The term Operational Risk Management (ORM) is defined as a continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events.
Read more about Operational Risk Management: Four Principles of ORM, Three Levels of ORM, Benefits of ORM, Chief Operational Risk Officer, ORM Software
Famous quotes containing the words risk and/or management:
“If you love the good thing vitally, enough to give up for it all that one must give up, then you must hate the cheap thing just as hard. I tell you, there is such a thing as creative hate! A contempt that drives you through fire, makes you risk everything and lose everything, makes you a long sight better than you ever knew you could be.”
—Willa Cather (1873–1947)
“The management of fertility is one of the most important functions of adulthood.”
—Germaine Greer (b. 1939)