Risk management is the process for the identification, evaluation, and prioritization of 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 valuation of the risks and decisions on possible risk mitigation measures.
Tapora apply the resilience engineering approach in the risk management process in order enhance the ability of organisations to create processes that are robust yet flexible, to monitor and revise risk models, and to 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 rather represent the converse of the adaptations necessary to cope with the real world complexity. Individuals and organisations must always adjust their performance to the current conditions; and because resources and time are finite it is inevitable that such adjustments are approximate. Success has been ascribed to the ability of groups, individuals, and organisations to anticipate the changing shape of risk before damage occurs; failure is simply the temporary or permanent absence of that.