Risk Management

• Risk a the probability of something happening that have an adverse impact on people, plant, equipment, financials, property, or the environment and the severity of the impact.
• A risk is anything that may affect the achievement of an organization's objectives.
• Risk is the uncertainty that surrounds future events and outcomes
• Risk is the expression of the likelihood and impact of an event with the potential to influence the achievement of an organization's objectives
• Risk is a potential event with negative consequences that had not happened yet
• Risk is a possibility of loss - not the loss itself
• In the widest sense, everything is a risk
• Risk helps identify better ways of handling problems
• Risk management helps by increase risk awareness & understanding
• Risk is proactive, not reactive
• Risk Management enables accountability, transparency, and responsibility
• Risk is a exposure to chance of hazard
• Risk Level, a measure to represent the significance of the risk
• Controls, actions that could eliminate or reduce the risk level.
• Residual Risk, risk level after implementing controls
• Risk response, an action on the risk whether to accept or not to accept.
• Speculative risk is a category of risk that when undertaken, results in an uncertain degree of gain or loss
• Pure Risk, is a category of risk in which loss is the only possible outcome; there is no beneficial results
• Dynamic Risk, is a risk of loss resulting from changes in culture, taste, or policy.
• Static Risk, is a risk of loss caused by factors other than a change in the economy.
• Fundamental Risk, affect the entire economy or large number of people or groups within the economy
• Particular Risk, are risks that affect only individuals and not the entire community.