Definition of Risk ManagementDefinition of risk management Systematic application of management policies, procedures and practices to the tasks of analyzing, evaluating and controlling risk [ISO 14971:2000, definition 2.18] Harm Physical injury or damage to the health of people, or damage to property or the environment [ISO/IEC Guide 51:1999, definition 3.1] Hazard Potential source of harm [ISO/IEC Guide 51:1999, definition 3.5] Residual risk Risk remaining after protective measures have been taken. [ISO/IEC Guide 51:1999, definition 3.9] Risk Combination of the probability of occurrence of harm and the severity of that harm [ISO/IEC Guide 51:1999, definition 3.2] Risk analysis Systematic use of available information to identify hazards and to estimate the risk [ISO/IEC Guide 51:1999, definition 3.10] Risk assessment Overall process comprising a risk analysis and a risk evaluation [ISO/IEC Guide 51:1999, definition 3.12] Risk control Process through which decisions are reached and protective measures are implemented for reducing risks to, or maintaining risks within, specified levels [ISO 14971:2000, definition 2.16] Risk evaluation Judgment, on the basis of risk analysis, of whether a risk which is acceptable has been achieved in a given context based on the current values of society [NOTE Based on ISO/IEC Guide 51: 1999, definitions 3.11 and 3.7] after reviewing this definition of risk management, see this risk management plan sample  Quality Assurance Solutions Robert Broughton (805) 419-3344 USA |