Risk

The possibility that an event will occur and adversely affect the achievement of objectives.

Source : COSO Integrated Risk Management Framework

Effect of uncertainty on objectives.

Note 1: An effect is a deviation from the expected - positive and/or negative.
Note 2: Objectives can have different aspects, such as financial, health and safety, and environmental goals, and can apply at different levels, such as strategic, organization-wide, project, product and process.
Note 3: Risk is often characterized by reference to potential events, consequences, or a combination of these and how they can affect the achievement of objectives.
Note 4: Risk is often expressed in terms of a combination of the consequences of an event or a change in circumstances, and the associated likelihood of occurrence.

Source : BS31100:2008 [ISO Guide 73]

Update on Tuesday, January 6, 2009 at 06:12PM by Andrew Smart

An event which may occur that will impact on the achievement of objectives, either positively (opportunities) or negatively (threats).

Source: www.riskbasedperformance.com

Update on Wednesday, March 11, 2009 at 09:28PM by Andrew Smart

The uncertainty of future events, incorporating both lost opportunities as well as threats materialising, which will impact our ability to achieve business objectives.

Source: Client Contribution

Update on Wednesday, March 11, 2009 at 09:32PM by Andrew Smart

The possibility of an event causing an unexpected, detrimental (i.e. threats) deviation from the anticipated outcomes of business activities. This definition is not aimed at assessing the possibility of performance risks.

Source: Client Contribution