Introduction
The Oxford Dictionary defines “risk” as a situation involving exposure to danger. Asking people for their definition of risk provides us with a variety of responses. Some of these responses focus on a concern for uncertainty or danger, while others refer to the financial consequences of unwanted events. Every organization faces some degree of risk every day. However, we normally focus on catastrophic events and whether the organization is properly covered by insurance protecting us from the consequences of these events.
Other sources of risk include the following1:
- The possibility of an unfortunate occurrence
- Doubt concerning the outcome of a situation
- Unpredictability
- Possibility of loss
- Needing to ...
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