Cost of risks : Cost of loss, both direct and indirect - Costs of handling risks - Costs imposed by risk
The simplest definition of Risk Management can be : The identification, evaluation, control and prevention, and transfer of risk.
Other commonly quoted definitions for risk management include : a) The protection of assets, earnings, liabilities and people of an enterprise with maximum efficiency and at minimum cost.
b) The identification and evaluation of the threats to the expectations of an organisation and the development of means whereby the expectations will be fulfilled in the most efficient manner by removing or reducing those threats.
c) The identification, measurement and economic control of risks that threaten the assets and earnings of a business or other enterprise,
MODELEXAM® 
www.realsoftinfoplan.com