Risk management is the process of identifying, evaluating, and prioritizing risks followed by coordinated and economical application of resources to minimize, monitor, and control the likelihood or impact of unwanted events. This knowledge forms the basis for the evaluation of the risks and decisions on possible risk mitigation measures.
Tapora applies the resilience engineering approach in the risk management process to enhance organizations’ ability to create robust yet flexible processes, monitor and revise risk models, and use resources proactively in the face of disruptions or ongoing production and economic pressures. Failures do not stand for a breakdown or malfunctioning of normal system functions but instead represent the converse of the adaptations necessary to cope with the real-world complexity. Individuals and organizations must constantly adjust their performance to the current conditions, and because resources and time are finite, such adjustments are inevitably approximate. Success has been ascribed to groups, individuals, and organizations’ ability to anticipate the changing shape of risk before damage occurs; failure is simply the temporary or permanent absence of this ability.
