Risk Management

Risk Management - In a broad sense, to assess, minimize, and prevent negative consequences posed by a potential threat. The term "Risk Management" has significantly different meanings that can affect Data Governance_ programs. At an enterprise level, "risk" refers to many types of risk (operational, financial, compliance, etc.); managing risk is a key responsibility of Corporate Boards and Executive Teams. Within financial institutions (or in the context of a GRC program), Risk Management may be a boundary-spanning department that focuses on risk to investments, loans, or mortgages. At a project level, "Risk Management" is an effort that should be undertaken as part of Project Management, focusing on risks to the successful completion of the project. From a Compliance/Auditing/ Controls perspective, "Risk Assessments" and "Risk Management" are high-effort activities included in the COSO, and COBIT frameworks and required by Sarbanes-Oxley and other compliance efforts. Data Governance_ programs may be asked to support any of these Risk Management efforts, and may need input from these efforts to resolve data-related issues.

[Category=Data Governance ]

Source: The Data Governance Institute, 23 December 2009 09:41:47, http://www.datagovernance.com/glossary-governance/

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Risk Management - A risk is a potential problem. Managing the situation so that minimum loss or damage will result if the risk materializes.

[Category=Information Management ]

Source: Information-Management.com, 05 July 2010 09:08:08, http://www.information-management.com/glossary/m.html

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Risk Management - Using managerial resources to integrate risk identification, risk assessment, risk prioritization, development of risk handling strategies and mitigation of risk to acceptable levels.

[Category=Quality ]

Source: American Society for Quality, 19 October 2010 08:33:50, http://www.asq.org/glossary/