Risk Management Process

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What does Risk Management Process mean? Read on to discover the definition & meaning of the term Risk Management Process - to help you better understand the language used in insurance policies.

Risk Management Process

Risk Management Process

A seven-step process: 1) Determine the objectives of the risk management plan; 2) Identify the risks faced by the organization; 3) Evaluate the risks. 4) Consider/analyze the alternative methods for handling each risk. 5) Select the best risk management methods from among the alternatives. 6) Implement the decision. 7) Continuously monitor the decisions and overall program.

More Insurance Terms And Definitions

The Merriam-Webster Dictionary defines insurance as:

a: The business of insuring persons or property.

b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

c: The sum for which something is insured.

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