The coordinated activities to direct and control an organization with regard to risk. The culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects. The relative measure of risk as defined by the combination of likelihood and consequence. Multiple direct or indirect impacts, when aggregated, form the collective consequence(s) of the risk event. The immediate downstream result of a risk manifesting. The qualitative of semi-quantitative assessment or estimation of whether an event will occur, Used as a qualitative description of probability and frequency. explosives, bio-hazards, flammable liquids, firearms, trojan, virus et cetera. cause harm) to an asset if not controlled or if deliberately released or applied. Something which has the potential to adversely impact (ie. Maintenance, foreign currency conditions, failure to audit or inspection treatments or controls. includes systems and procedures already in place to mitigate risks.Ĭollective sum of all impacts to the capabilities of an organization(s) including long term and indirect effects such as combined health, economic, and psychological impacts.Ĭonditions or influences comprising built, physical and social elements, which surround or interact with stakeholders and communities.Ĭonditions that lead to increased risk due to improvement or diminution of barriers or controls, Eg.
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