Four Principles of ORM
The U.S. Department of Defense summarizes the principles of ORM as follows:
- Accept risk when benefits outweigh the cost.
- Accept no unnecessary risk.
- Anticipate and manage risk by planning.
- Make risk decisions at the right level.
Read more about this topic: Operational Risk Management
Famous quotes containing the word principles:
“The honor my country shall never be stained by an apology from me for the statement of truth and the performance of duty; nor can I give any explanation of my official acts except such as is due to integrity and justice and consistent with the principles on which our institutions have been framed.”
—Andrew Jackson (1767–1845)