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In simple terms, risk is the possibility of something bad happening.[1] Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences.[2] Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".[3]
The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations.[4]
- ^ "Risk". Cambridge Dictionary.
- ^ "Glossary" (PDF). Society for Risk Analysis. Retrieved 13 April 2020.
- ^ "Guide 73:2009 Risk Management - Vocabulary". ISO.
- ^ Cite error: The named reference
ISO31000was invoked but never defined (see the help page).