1 Risk and Resilience Management in Turbulent Times
1.1 Definition of risk
The word “risk” is common and widely used today in connection with personal situations like health, investments, insurance, etc.; the collective social situations like the economy and safety of the country, etc.; and, company situations like corporate governance, business models, strategy, etc.1 Nevertheless, while risk is well known and has developed to a certain degree of maturity, there is still no broad consensus on the meaning of this term; therefore, depending on the context, there are many accepted definitions of risk in use.2
In their Guide to Risk Statements, the Treasury Board of Canada suggests that “Risk refers to the uncertainty ...
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