In the Standard, the expressions “risk management” and “managing risk” are both used. NOTE 5 Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an event, its consequence, or likelihood. NOTE 4 Risk can be expressed in terms of a combination of the consequences of an event or a change in circumstances, and their likelihood. NOTE 3 Risk is often described by an event, a change in circumstances, a consequence, or a combination of these and how they may affect the achievement of objectives. NOTE 2 An objective may be financial, related to health and safety, or defined in other terms. NOTE 1 An effect may be positive, negative, or a deviation from the expected.
Risk management should continue to develop organically.
The design and implementation of risk management plans and frameworks will need to take into account an organisation’s particular objectives, context, structure and operations.