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3 Pages • Topic Notes • Year Uploaded: 2024
What is risk? a. Risk is defined as ‘an uncertain event or set of events that should it occur, will have an effect on the achievement of objectives.’ b. ‘Measured by the combination of the probability of a perceived threat (sense the danger) or opportunity occurring and magnitude of its impact on objectives.’ c. All organizations, including temporary ones such as those concerned with programmes or projects, will encounter uncertain events when trying to achieve their objectives. d. These uncertain events may arise inside or outside the organization. Each individual uncertain event that would impact one or more objectives is known as a risk. e. Within this definition, ‘threat’ is used to describe an uncertain event that would have a negative impact on objectives if it occurred and ‘opportunity’ is used to describe an uncertain event that would have a positive impact on objectives if it occurred.
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