What is abc?

The subject of abc has a very interesting past. Project managers have used them for a long time as they assess risks at an early stage in a large project and enter the details in a formal record that is inspected by the sponsors. The insurance industry again is well used to documenting assumptions about risk and using this to form judgements on where to offer insurance cover and what aspects of an operation are included in this cover. More recently, they have come to the fore as an important part of general business risk management. abc acts as a vehicle for capturing all the assessment and decisions made in respect of identified risks. Moreover, the abc may form part of the assurance process where they can be used as evidence of risk containment activity that supports the SIC.