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.
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 .
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).
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.
Operational riskOperational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
Financial riskFinancial risk is any of various types of risk associated with financing, including financial transactions that include company loans in risk of default. Often it is understood to include only downside risk, meaning the potential for financial loss and uncertainty about its extent. A science has evolved around managing market and financial risk under the general title of modern portfolio theory initiated by Harry Markowitz in 1952 with his article, "Portfolio Selection".
Regulation and licensure in engineeringRegulation and licensure in engineering is established by various jurisdictions of the world to encourage life, public welfare, safety, well-being, then environment and other interests of the general public and to define the licensure process through which an engineer becomes licensed to practice engineering and to provide professional services and products to the public. As with many other professions and activities, engineering is often a restricted activity.
Security managementSecurity management is the identification of an organization's assets (including people, buildings, machines, systems and information assets), followed by the development, documentation, and implementation of policies and procedures for protecting assets. An organization uses such security management procedures for information classification, threat assessment, risk assessment, and risk analysis to identify threats, categorize assets, and rate system vulnerabilities.
IT riskInformation technology risk, IT risk, IT-related risk, or cyber risk is any risk relating to information technology. While information has long been appreciated as a valuable and important asset, the rise of the knowledge economy and the Digital Revolution has led to organizations becoming increasingly dependent on information, information processing and especially IT. Various events or incidents that compromise IT in some way can therefore cause adverse impacts on the organization's business processes or mission, ranging from inconsequential to catastrophic in scale.
Project risk managementWithin project management, risk management refers to activities for minimizing project risks, and thereby ensuring that a project is completed within time and budget, as well as fulfilling its goals. Risk management activities are applied to project management. Project risk is defined by the Project Management Institute (PMI) as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.
Engineering technologistAn engineering technologist is a professional trained in certain aspects of development and implementation of a respective area of technology. An education in engineering technology concentrates more on application and less on theory than does an engineering education. Engineering technologists often assist engineers; but after years of experience, they can also become engineers. Like engineers, areas where engineering technologists can work include product design, fabrication, and testing.
EngineerEngineers, as practitioners of engineering, are professionals who invent, design, analyze, build and test machines, complex systems, structures, gadgets and materials to fulfill functional objectives and requirements while considering the limitations imposed by practicality, regulation, safety and cost. The word engineer (Latin ingeniator) is derived from the Latin words ingeniare ("to contrive, devise") and ingenium ("cleverness").
Audio engineerAn audio engineer (also known as a sound engineer or recording engineer) helps to produce a recording or a live performance, balancing and adjusting sound sources using equalization, dynamics processing and audio effects, mixing, reproduction, and reinforcement of sound. Audio engineers work on the "technical aspect of recording—the placing of microphones, pre-amp knobs, the setting of levels. The physical recording of any project is done by an engineer... the nuts and bolts.
Industrial engineeringIndustrial engineering is an engineering profession that is concerned with the optimization of complex processes, systems, or organizations by developing, improving and implementing integrated systems of people, money, knowledge, information and equipment. Industrial engineering is central to manufacturing operations. Industrial engineers use specialized knowledge and skills in the mathematical, physical and social sciences, together with the principles and methods of engineering analysis and design, to specify, predict, and evaluate the results obtained from systems and processes.
Enterprise risk managementEnterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives (threats and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring process.
Chemical industryThe chemical industry comprises the companies that develop and produce industrial, specialty and other chemicals. Central to the modern world economy, it converts raw materials (oil, natural gas, air, water, metals, and minerals) into industrial and consumer products. The plastics industry contains some overlap, as some chemical companies produce plastics as well as chemicals. Various professionals are involved in the chemical industry including chemical engineers, chemists and lab technicians.
Academic degreeAn academic degree is a qualification awarded to a student upon successful completion of a course of study in higher education, usually at a college or university. These institutions often offer degrees at various levels, usually divided into undergraduate and postgraduate degrees. The most common undergraduate degree is the bachelor's degree, although some educational systems offer lower level undergraduate degrees such as associate and foundation degrees. Common postgraduate degrees include master's degrees and doctorates.
Industrial designIndustrial design is a process of design applied to physical products that are to be manufactured by mass production. It is the creative act of determining and defining a product's form and features, which takes place in advance of the manufacture or production of the product. It consists purely of repeated, often automated, replication, while craft-based design is a process or approach in which the form of the product is determined by the product's creator largely concurrent with the act of its production.
Academic majorAn academic major is the academic discipline to which an undergraduate student formally commits. A student who successfully completes all courses required for the major qualifies for an undergraduate degree. The word major (also called concentration, particularly at private colleges) is also sometimes used administratively to refer to the academic discipline pursued by a graduate student or postgraduate student in a master's or doctoral program. An academic major typically involves completion of a combination of required and elective courses in the chosen discipline.
