RiskIn simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
Risk assessmentRisk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis).
Risk managementRisk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Risk perceptionRisk perception is the subjective judgement that people make about the characteristics and severity of a risk. Risk perceptions often differ from statistical assessments of risk since are affected by a wide range of affective (emotions, feelings, moods, etc.), cognitive (gravity of events, media coverage, risk-mitigating measures, etc.), contextual (framing of risk information, availability of alternative information sources, etc.), and individual (personality traits, previous experience, age, etc.) factors.
CycloneIn meteorology, a cyclone (ˈsaɪ.kloʊn) is a large air mass that rotates around a strong center of low atmospheric pressure, counterclockwise in the Northern Hemisphere and clockwise in the Southern Hemisphere as viewed from above (opposite to an anticyclone). Cyclones are characterized by inward-spiraling winds that rotate about a zone of low pressure. The largest low-pressure systems are polar vortices and extratropical cyclones of the largest scale (the synoptic scale).
Natural disasterA natural disaster is the highly harmful impact on a society or community following a natural hazard event. Some examples of natural hazard events include: flooding, drought, earthquake, tropical cyclone, lightning, tsunami, volcanic activity, wildfire. A natural disaster can cause loss of life or damage property, and typically leaves economic damage in its wake. The severity of the damage depends on the affected population's resilience and on the infrastructure available.
Tropical cycloneA tropical cyclone is a rapidly rotating storm system characterized by a low-pressure center, a closed low-level atmospheric circulation, strong winds, and a spiral arrangement of thunderstorms that produce heavy rain and squalls. Depending on its location and strength, a tropical cyclone is referred to by different names, including hurricane (ˈhʌrᵻkən,_-keɪn), typhoon (taɪ'fuːn), tropical storm, cyclonic storm, tropical depression, or simply cyclone.
Financial risk managementFinancial risk management is the practice of protecting economic value in a firm by managing exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying the sources of risk, measuring these, and crafting plans to address them. See for an overview. Financial risk management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his article, "Portfolio Selection"; see .
Extratropical cycloneExtratropical cyclones, sometimes called mid-latitude cyclones or wave cyclones, are low-pressure areas which, along with the anticyclones of high-pressure areas, drive the weather over much of the Earth. Extratropical cyclones are capable of producing anything from cloudiness and mild showers to severe gales, thunderstorms, blizzards, and tornadoes. These types of cyclones are defined as large scale (synoptic) low pressure weather systems that occur in the middle latitudes of the Earth.
ManagementManagement (or managing) is the administration of organizations, whether they are a business, a nonprofit organization, or a government body through business administration, nonprofit management, or the political science sub-field of public administration respectively. It is the science of managing the resources of businesses, governments, and other organizations.
Tropical cyclone basinsTraditionally, areas of tropical cyclone formation are divided into seven basins. These include the north Atlantic Ocean, the eastern and western parts of the northern Pacific Ocean, the southwestern Pacific, the southwestern and southeastern Indian Oceans, and the northern Indian Ocean (Arabian Sea and Bay of Bengal). The western Pacific is the most active and the north Indian the least active.
Operational risk managementOperational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events. Unlike other type of risks (market risk, credit risk, etc.) operational risk had rarely been considered strategically significant by senior management.
TornadoA tornado is a violently rotating column of air that is in contact with both the surface of the Earth and a cumulonimbus cloud or, in rare cases, the base of a cumulus cloud. It is often referred to as a twister, whirlwind or cyclone, although the word cyclone is used in meteorology to name a weather system with a low-pressure area in the center around which, from an observer looking down toward the surface of the Earth, winds blow counterclockwise in the Northern Hemisphere and clockwise in the Southern.
Mediterranean tropical-like cycloneMediterranean tropical-like cyclones, often referred to as medicanes (a portmanteau of Mediterranean hurricanes) but sometimes also as Mediterranean cyclones or as Mediterranean hurricanes, are meteorological phenomena occasionally observed over the Mediterranean Sea. On a few rare occasions, some storms have been observed reaching the strength of a , on the Saffir–Simpson scale, and one storm has been recorded reaching intensity. The main societal hazard posed by medicanes is not usually from destructive winds, but through life-threatening torrential rains and flash floods.
Investment managementInvestment management (sometimes referred to more generally as asset management) is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts/mandates or via collective investment schemes like mutual funds, exchange-traded funds, or REITs.
AccidentAn accident is an unintended, normally unwanted event that was not directly caused by humans. The term accident implies that nobody should be blamed, but the event may have been caused by unrecognized or unaddressed risks. Most researchers who study unintentional injury avoid using the term accident and focus on factors that increase risk of severe injury and that reduce injury incidence and severity. For example, when a tree falls down during a wind storm, its fall may not have been caused by humans, but the tree's type, size, health, location, or improper maintenance may have contributed to the result.
Probabilistic risk assessmentProbabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA). Risk in a PRA is defined as a feasible detrimental outcome of an activity or action. In a PRA, risk is characterized by two quantities: the magnitude (severity) of the possible adverse consequence(s), and the likelihood (probability) of occurrence of each consequence.
DisasterA disaster is a serious problem occurring over a period of time that causes widespread human, material, economic or environmental loss which exceeds the ability of the affected community or society to cope using its own resources. Disasters are routinely divided into either "natural disasters" caused by natural hazards or "human-instigated disasters" caused from anthropogenic hazards. However, in modern times, the divide between natural, human-made and human-accelerated disasters is difficult to draw.
Traffic collisionA traffic collision, also called a motor vehicle collision (car crash in case cars are involved in the collision), occurs when a vehicle collides with another vehicle, pedestrian, animal, road debris, or other moving or stationary obstruction, such as a tree, pole or building. Traffic collisions often result in injury, disability, death, and property damage as well as financial costs to both society and the individuals involved.
Management consultingManagement consulting is the practice of providing consulting services to organizations to improve their performance or in any way to assist in achieving organizational objectives. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and accessing consultants' specialized expertise regarding concerns that call for additional oversight. As a result of their exposure to and relationships with numerous organizations, consulting firms are typically aware of industry "best practices".
