ABSTRACT
This entry discusses risks and defines exposures, perils, and hazards. It explicates six primary risk management concepts (risk awareness, exposure avoidance, risk assessment, risk containment, risk funding, and risk management). After highlighting macrotreatment and microtreatment strategies, common elements of governmental risk containment programs are described and the manners in which they minimize loss are examined. The entry outlines the major tasks of risk management administration and introduces the notion of pervasive risk management. Following an appraisal of the organizational benefits arising from risk management, the entry concludes with an overall summary of the topic.
