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How to immerse yourself in the language
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 and managed as a single whole.
- Risk levels – risk level indicates how serious the risk is.
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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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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.
- ...
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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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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.
- ...
The perception of risk
The perception of and reaction to risk is often dismissed as emotional. The first thing that happens is you're afraid, and from that fear, you feel risk. So the view of risk is becoming less cognitive while emotion becomes dominant.
Emotion is about what might hap...
Risk and uncertainty
- Risk is when the factors that determine success or failure are out of your control, but the odds of success are known.
- Uncertainty is when the factors that determine success or failure are not out of your control but are simply unknown. It is play...
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