The process of minimizing risk to an organization by developing systems to identify
and analyze potential hazards to prevent accidents, injuries, and other adverse occurrences,
and by attempting to handle events and incidents which do occur in such a manner that
their effect and cost are minimized. Effective risk management has its greatest benefits
in application to insurance in order to avert or minimize financial liability. (From
Slee & Slee: Health care terms, 2d ed)