For the purposes of this guidance ‘Risk’ is defined as ‘an uncertain event or set of events, which, should it occur, will have an effect on the achievement of objectives’. The uncertainty connected to Risk is often thought of in terms of a threat (ie a negative impact) but can also be considered as a potential opportunity (ie a positive impact). Risk management is the term which refers to the systematic application of principles, approach and processes to identify and assess risks and then to plan and implement a suitable response. Risk Management processes can be applied equally at strategic/corporate, programme, project and operational levels.
Diagram above illustrating the typical activities linked to the key principles of risk management . If this diagram is not accessible or you require an alternative format, please contact us at email@example.com
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