Risk
| 1. Risk is the potential loss exposure due to a threat; which causes a disruption to business operations, and preventing them from achieving the Minimum Business Continuity Objective (MBCO). It has components of risk likelihood and risk consequence.
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(Source: Business Continuity Management Institute - BCM Institute) |
2. Something that might happen and its effect(s) on the achievement of objectives.
(Source: British Standard BS25999-1:2006 Code of Practice for Business Continuity Management)
3. Risk is the potential of exposure to disruption due to threat. Risk affects business continuity. It can be measured in terms of probability and impact.
(Source: Singapore Standard 540 - SS 540:2008)
4. The chance of something happening, measured in terms of probability and consequences. The consequence may be either positive or negative. Risk in a general sense can be defined as the threat of an action or inaction that will prevent an organization’s ability to achieve its business objectives. The results of a risk occurring are defined by the impact.
(Source: Business Continuity Institute - BCI)
5. Potential for exposure to loss. Risks, either man-made or natural, are constant. The potential is usually measured by its probability in years.
(Source: Disaster Recovery Institute International / Disaster Recovery Journal - DRII/DRJ)
6. The chance of something happening that will have an impact on objectives.
NOTE 1:A risk is often specified in terms of an event or circumstance and the consequences that may flow from it.
NOTE 2:Risk is measured in terms of a combination of the consequences of an event and their likelihoods.
NOTE 3:Risk may have a positive or negative impact.
NOTE 4:See ISO/IEC Guide 51,for issues related to safety.
(Source: HB 221:2004 Business Continuity Management)
7. The chance of something happening that will have an impact upon objectives.It is measured in terms of consequence and likelihood.
(Source: Australia. A Practitioner's Guide to Business Continuity Management HB292 - 2006 )
8. A measure of the exposure to which an organization may be subjected.This is a combination of the likelihood of a business disruption occurring and the possible loss that may result from such business disruption.
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(Source: OGC, Information Technology Infrastructure Library (ITIL) v3) |
9. Combination of the probability of an event and its consequence.
[ISO/IEC Guide 73:2002]
(Source: Malaysia BCM Standard MS1970:2007)
10. Effect of uncertainty on objectives.
NOTES:
- An effect is a deviation from the expected - positive and/or negative.
- Objectives can have different aspects such as financial, health and safety, and environmental
goals and can apply at different levels such as strategic, organization-wide, project, product, and process.
- Risk is often characterized by reference to potential events, consequences, or a combination
of these and how they can affect the achievement of objectives.
- Risk is often expressed in terms of a combination of the consequences of an event or a change
in circumstances, and the associated likelihood of occurrence.
(Source: AS/NZS 5050.1 Australian and New Zealand Standards for business continuity management.
Part 1: Business continuity management system specification)
11. Effect of uncertainty on objectives.
NOTES:
- An effect is a deviation from the expected - positive and/or negative.
- Objectives can have different aspects such as financial, health and safety, and environmental
goals and can apply at different levels such as strategic, organization-wide, project, product, and process.
- Risk is often characterized by reference to potential events, consequences, or a combination
of these and how they can affect the achievement of objectives.
- Risk is often expressed in terms of a combination of the consequences of an event or a change
in circumstances, and the associated likelihood of occurrence.
(Source: AS/NZS 5050.2 Australian and New Zealand Standards for business continuity management.
Part 2: Business continuity management practice standard)
