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Introduction > Benefits of risk management - Pg. 4

4 Introduction Attempts are being made to develop a standardized language of risk, and ISO Guide 73 has been developed as the common terminology that should be used in all ISO standards. The terminology set out in ISO Guide 73 will be used throughout this book as the default set of definitions wherever possible. However, the use of a standard terminology is not always possible and alternative definitions may be required. Indeed, ISO itself also publish a terminology guide, ISO/IEC Guide 51:1999, entitled Safety Aspects: ­ Guidelines for their inclusion in standards, and the defini- tions in Guide 51 are not fully aligned with those in Guide 73. To assist with the difficult area of terminology, Appendix B sets out the basic terms and definitions that are used in risk management. It also provides cross reference between the different terms in use to describe the same concept. Where appropriate and necessary a table setting out a range of definitions for the same concept is included within the relevant chapter of the book, and these tables are cross-referenced in Appendix B. Benefits of risk management There are a range of benefits arising from successful implementation of risk manage- ment. These benefits are summarized in this book as compliance, assurance, decision making and efficient operations/effective processes/efficacious strategy (CADE3).