BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ISO Guide 73 ISO 31000
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Institute of Risk Management (IRM)
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“Orange Book” from HM Treasury
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Institute of Internal Auditors
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Detailed explanation-1: -2.1 Risk-‘Risk is the combination of the probability of an event and its consequence. Consequences can range from positive to negative. ‘ take action on all their risks with a view to increasing the probability of success and reducing the likelihood of failure.
Detailed explanation-2: -Risk can be defined as the combination of the probability of an event and its consequences (ISO/IEC Guide 73). In all types of undertaking, there is the potential for events and consequences that constitute opportunities for benefit (upside) or threats to success (downside).
Detailed explanation-3: -According to the International Organisation for Standardization (ISO), the risk would be defined as a “combination of the probability of an event and its consequences".
Detailed explanation-4: -Risk assessment is an estimate of the likelihood of adverse effects that may result from exposure to certain health hazards, esp. pollutants in the environment.
Detailed explanation-5: -So Risk is a combination of Probability and Severity.