Risk Management


Definition of "Risk management"

Joe Brett
Joe Brett RE/MAX Realty Plus

Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential sources of loss; (2) measuring the financial consequences of a loss occurring; and (3) using controls to minimize actual losses or their financial consequences.

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Identification

First step in the risk management process. The objective is to determine the sources of losses. For example, the profit and loss statement of a busine ...

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