Definition(s)
Risk Management Methodology
Set of methods, principles, or rules used to identify, analyze, assess, and communicate risk, and accept, avoid, transfer, or control it to an acceptable level considering associated costs and benefits of any actions taken.
Sample Usage: The risk management methodology recommended by the Government Accountability Office consists of five steps.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance