'RISK' has many different meanings within the Risk Management and Insurance Communities. Risk is defined as uncertainty about outcomes that can be either negative or positive.

RISK MANAGEMENT process involves the following six steps:
•   Identifying loss exposures
•   Analyzing loss exposures
•   Examining feasibility of risk management techniques
•   Selecting the appropriate risk management techniques
•   Implementing the selected risk management techniques
•   Monitoring results and revising the risk management program