Litchfield Park, Arizona. Litchfield Park is a city in Maricopa County, Arizona, United States. It is twenty miles northwest of Phoenix. According to the 2010 census, the population of the city is 5,476. Contents.
Risk management is an important part of planning for businesses. The process of risk management is designed to reduce or eliminate the risk of certain kinds of events happening or having an impact on the business. Risk management is a process for identifying, assessing, and prioritizing risks of different kinds.
According to ISO 31000, a risk management process is one thatsystematically applies management policies, procedures, and practices to a set of activities intended to establish the context,communicate and consult with stakeholders, and identify, analyze, evaluate, treat, monitor, and review risk.ccording to the Introduction to ISO 31000 2009, the term risk management also refers to the architecture that is used to manage risk. This architecture includes risk management principles, a risk management framework, and a risk management process.