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...... All the measures taken to reduce the risk are called risk management. More specific definitions of risk management, as provided by the specialized literature, are presented below:
Business Dictionary (2008): Risk management represents the totality of policies, procedures, and practices involved in identification, analysis, assessment, control and avoidance, minimization or elimination of unacceptable risks.
The Chief Executive Officer (2008): Risk Management is the process of defining and analysing risks, and then deciding on the appropriate course of action in order to minimise these risks, whilst still achieving business goals.
Investor Words (2008): Risk management is the process of analyzing exposure to risk and determining how to best handle such exposure.
Australian Trade Commission (2008): Risk management is a process of thinking systematically about all possible undesirable outcomes before they happen and setting up procedures that will avoid them, minimise or cope with their impact.
The Website of the Australian Trade Commission proposes a six step implementation of risk management process, as to make sure that the organization retrieves the most fruitful outcomes. These steps are succinctly presented below:
1. Clearly analyzing and identifying the features of the given context
2. Identifying the incurred risks
3. Determining the probability that

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