Risk Assurance

What constitutes a risk?

According to the BCI its 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 organisation’s ability to achieve its business objectives. The results of a risk occurring are defined by the impact.

What should we do?

That depends on our Risk Appetite

The willingness of an organisation to accept a defined level of risk in order to conduct its business cost-effectively. Different organisations at different stages of their existence will have different risk appetites.