38 Introduction to Risk Management Ta b L E 4.1 Organization ISO Guide 73 BS 31100 Definitions of risk management Definition of risk management Co-ordinated activities to direct and control an organization with regard to risk Process which aims to help organizations understand, evaluate and take action on all their risks with a view to increasing the probability of success and reducing the likelihood of failure All the processes involved in identifying, assessing and judging risks, assigning ownership, taking actions to mitigate or anticipate them, and monitoring and reviewing progress Selection of those risks a business should take and those which should be avoided or mitigated, followed by action to avoid or reduce risk Institute of Risk Management (IRM) HM Treasury London School of Economics