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- The process of deciding whether and how to manage risks. Public risk management requires consideration of legal, economic, and behavioral factors, as well as environmental and human health effects of each management alternative. Management may involve regulatory and non-regulatory responses. For example, characterizing the risk to farm workers of entering a field after application of a particular pesticide is risk assessment; promulgating reentry standards is risk management. The federal government has played an active role over the years in helping farmers manage risk. Two major risks faced by agricultural producers are production risks and price risks, and the USDA has assisted with federal crop insurance and commodity programs. The Risk Management Agency is now helping farmers utilize other risk management tools.
- The process of weighing policy alternatives in light of the results of risk assessment and, if required, selecting and implementing appropriate control options, including regulatory measures.
Source: Biotechnology Glossary