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Risk Defined
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Definition: Hazard - a source of danger; a possibility of incurring loss or misfortune.
Risk is defined in ISO 31000 as the effect of uncertainty on objectives (whether positive or negative). Risk management can therefore be considered the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
Risk can be managed by transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, or accepting some or all of the consequences of a particular risk.
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