ISO 31000:2018 - What is the definition of risk?

IIRSM Wales Branch Video 01
ISO31000: 2018 Risk management
Video 01: What is the definition of risk?
In this short video I ask ‘What is ‘your’ definition of risk?’
As there is no agreed definition of risk that suits all people, it is important as practitioners that we can consistently articulate ‘our’ definition in any given situation
This does not mean our definition can’t change of course.
For me personally, my go to definition of risk is that of ISO31000. Why? Because it suits my lived experience of risk (threat & opportunity):
➡ Objectives
➡ Threat
➡ Opportunity
➡ Likelihood, and
➡ Severity
Remember, risk like beauty, is in the eye of the beholder. Don't let anyone pick your partners or your definition of risk!
Thank you for watching the video and following IIRSM Wales Branch 🏴󠁧󠁢󠁷󠁬󠁳󠁿 and the IIRSM if you do.
Andy and Llewellyn 🐕