Definitions

The video tutorial introduces risk management as a set of coordinated activities to control organizational risks. It covers the risk assessment process, including identification, analysis, and evaluation of risks. The tutorial explains risk identification as recognizing and describing risks, and risk analysis as understanding the nature and level of risk. Risk evaluation involves comparing analysis results with criteria to determine acceptability. Risk treatment modifies risks, while residual risk remains post-treatment. The importance of risk communication and stakeholder engagement is emphasized, with a promise to explore methodologies and domains in detail.

What is the overall process of risk assessment?

Describe the process of risk identification.

What does risk analysis involve?

Explain the purpose of risk evaluation.

What is meant by residual risk?