Risk Management is the process for mitigating the impacts of specific risk threats and includes identification, assessment, and prioritization of risks. The ISO group has published standards governing every aspect of managing risk, which it defines as the effect of uncertainty on objectives, whether positive or negative. Risks can arise due to uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters, as well as war and any armed insurrection. The strategies to manage risk include shifting the risk to another party, avoiding the risk all together, reducing the negative impact of the risk, and accepting all or a portion of the consequences of a particular risk if the costs for containing the risk are not justifiable. The steps in the process benefit from the use of bow-tie” diagrams that list faults or threats on the left and the consequences on the right, with the hazard being defined in the middle that connects the two lists, resulting in the look of a bow tie.