Basic Frameworks for Risk Management

  Risk management is becoming an increasingly important activity within firms and organizations.Like other management activities, risk management helps an organization meet its objectives through the allocation of resources to undertake planning, make decisions, and carry out productive activities. Risk management is unique in that it focuses on uncertainties that an organization faces: uncertainties in the probability of occurrence of events, uncertainties in the value to the organization of consequences of events, and other uncertainties that fall outside the “normally expected” range of variation. Generally risks are low probability, but high consequence events that can cause major disruption to the organization. Risk management, like other management activities, must be practical, cost effective, and help the organization survive and prosper. The growth in risk management is directly linked to the increasing number of risks an organization faces due to more complexity and interactions in the world, greater scrutiny by stakeholders and the media, and so forth.

This document is a product of the December 6, 2001 NERAM Risk Management Workshop on Basic Frameworks for Risk Management sponsored by the Ontario Ministry of the Environment. The purpose of the seminar was to foster a common understanding of available risk management frameworks through the presentation of various applications of risk management frameworks including air standard setting, environmental health risk management, and setting priorities for compliance. Selected material from the workshop is presented in this document to serve as a “primer” on risk management frameworks. This document should be used in conjunction with the NERAM Benchmark Risk Management Framework report (Shortreed, 2001

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