[[Actuarial Notes Wiki|Wiki]] / [[Actuarial Methods]] / ==Risk Management== > **Risk Management** is ==coordinated activities to direct and control an organization with regard to [[risk]].== The purpose of risk management is to create and protect value. > - [ISO](https://www.iso.org/obp/ui/en/#iso:std:iso:31000:ed-2:v1:en), 2018 The **ISO 31000 Risk Management - Guidelines (2018)** details a 6 step process for performing risk management. 1. [[Risk Communication]] and Consultation 2. [[Risk Scope]], [[Context]], and Criteria, 3. [[Risk Assessment]] 4. [[Risk Treatment]] 5. [[Risk Recording]] and Reporting 6. [[Risk Monitoring]] and Review ### Risk Management should be Integrated The key idea repeated throughout the ISO's standard is the need for **integration** in effective risk management. In other words, risk management is part of everything done in the business, from the words said by front-line staff to customers to boardroom decision-making.