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Meaning of Risk and Risk Events
Dr JAY
One could define RISK as: the uncertainity in desired outcomes.
A RISK EVENT is generally the manifestation of a risk. Its critical factors are:
1. Probability (the probability of the risk event happening), sub factors:
1A. Factors contributing to the risk
1B. Timing of the risk
1C. Possible diversions
1D. Alternate strategies
2. Impact (the degree or extent of the impact of the risk event happening on the desired results), sub factors
2A. Level of desired outcome achieved due to / in spite of risk
2B. Possible impact reducers
The awareness level of risks is critical for proactive identification and mitigation strategies.
The application experience is required to reduce impact of risk or take suitable evasive avoidance actions or even recoil from the event. (...) Read more? Sign up for free
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Special Interest Group Leader
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Risk Management and RAROC
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