1. Principles of Risk Management


The literature presented in this report explores the available research relating to risk and risk management processes. The review draws on academic peer reviewed journal articles and text books as well as key grey literature from both the public and private sectors. The literature search was conducted using Booth’s (2013) triple plus method which provided a systematic search strategy which included resources from academic libraries and databases, specialist grey literature databases, and supplementary grey literature search engines such as Google Scholar. The review is divided into five sections which reflect the five key principles/aspects of risk management. These are: 

(i) initiating risk, 

(ii) identifying risk, 

(iii) assessing risk, 

(iv) managing and responding to risk, 

(v) monitoring, reporting and communicating risk.