Risk Management for an architect is an ongoing effort to offset occurrences which would jeopardize or negatively impact the value generated from a project, program or set of activities. Risk management includes any and all activities which identify and help to lessen these occurrences. Because there is an element of risk in any action taken by a company or it’s employees it is most often handled through an internal group responsible for the management of all corporate risk (enterprise risk management) even for smaller companies, not just those which impact the architect. However, due to the unique context, scope and activities of architecture, at the enterprise, program and project levels, architects have a significant impact on risk management activities.
Wikipedia Definition: Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.