Risk: defined as uncertainty about outcomes that can be either positive or negative.

Hazard risk: risk of accidental loss, including the possibility of loss and no loss.

Loss exposure: any condition that presents a possibility of loss, whether not a actual loss occurs.

Risk management: the process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization. (this is what risk managers do)

Making these decisions involves the six step risk-management process.
1. Identifying loss exposures
2. Analyzing loss exposures
3. Examining the feasibility of risk management techniques
4. Selecting the appropriate risk management techniques
5. Implementing the selected risk management techniques
6. Monitoring the results and revising the risk management program

Implementing these decisions involves the four management functions.

1. Planning
2. Organizing
3. Leading
4. Controlling

These four functions are......

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Title: Risk Management
Approximate Word Count: 928
Approximate Pages: 4 (250 words per double-spaced page)

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