The SMART acronym stands for Specific, Measurable, Achievable, Relevant, and Time-bound, and is often used to guide goal setting and project planning, including risk management programs. Applying the SMART criteria ensures that the objectives of a risk management program are clearly defined, quantifiable, realistic, aligned with broader organizational goals, and time-sensitive. This framework helps in creating effective and actionable risk management plans that can be systematically monitored and adjusted as necessary.
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