Learn more about problemsolving with this collection
How to practice effectively
The importance of consistency
How to immerse yourself in the language
Definition of a risk
A risk can be defined as an effect of uncertainty on the objective. It is a different outcome from what you expected and can address, create or result in opportunities and threats.
- Risk is not an expected adverse development. If you expect the outcome, it is not a risk.
- Risk is not a difficulty or a challenge if you are already aware that the situation exists now.
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When identifying risk
Identifying as many risks as possible often leads to not being able to manage it all properly.
- First, identify the risks with the largest potential loss or financial impact. Then collect smaller risks together that can be managed as a group. Smaller risks have minor financial co...
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Risk register
Before you start risk management, it is important to identify the risks the company is exposed to.
Establish a catalogue of risks or a"risk register"
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Risk identification techniques
One method is to ask the people with knowledge about the functioning of the organization, what could go wrong. It can be done using brainstorming, questionnaires, self-reporting etc.
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Risk terminology
- Threat – the source of the risk event that causes uncertainty.
- Risk exposures – the amount that theoretically is at risk if the threat becomes a reality.
- Risk – the collection of threats/causes and exposures that are treated ...
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