What does risk and risk management mean to you? Are there different definitions for risk? If so, what are they? How would organizations benefit from having a formal risk management program (especially for IT and auditing)? Describe how an organization you've worked for or observed handles risk. Do they use a formal risk management process or tool? Or is it more ad-hoc, where risks are handled differently on a case-by-case basis?

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Risk and risk management encompass a broad spectrum of concepts and practices but at their core they revolve around identifying assessing and mitigating potential threats or uncertainties that could i... View the full answer