d) Risk management is the identification, assessment, and prioritisation of risks followed by coordinated and economical application of resources to minimise, monitor, and control the probability and/or impact of unfortunate events or to maximise the realisation of opportunities.
e) Risk Management is the process of measuring, or assessing, risk and developing strategies to manage it. Strategies include avoiding the risk, reducing the negative effect of the risk, transferring the risk to another party and accepting some or all of its consequences.
f) Traditional risk management focuses on risks emanating from physical or legal causes (e.g. natural disasters, or fires, accidents, death, and lawsuits).
g) Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments.
For non-profit organisations, the definition can read: The identification, measurement and economic control of risks that threaten the continued provision of essential goods and services'.
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