Risk is generally defined as: (Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility. Risk is an uncertain event or condition that, if it occurs, has an effect on at least one objective. Risk is also defined in various standards. According to the definition set out in ISO Guide, risk is the 'effect of uncertainty on objectives'. According to the definition set out in ISO 9000:2015 QMS standard, risk is 'effect of uncertainty'. In order to assist with the application of this definition, ISO 9000:2015 standard also add a few notes that mean:
- An effect is a deviation from the expected. It may be positive or negative.
- Uncertainty is the state, even partial, of deficiency of information (= meaningful data) related to, understanding or knowledge of, an event, its consequence, or likelihood.
- Risk is often described by reference to potential (= something to develop in future) events (= happenings) and consequences (= results or effects, typically that may be unwelcome or unpleasant), or a combination of these.
- Risk is often described in terms of a combination of the consequences (= results or effects, typically that may be unwelcome or unpleasant) of an event (= happening), including changes in circumstances, and the associated likelihood of occurrence (= an incident or event).
- The word 'risk' is sometimes used when there is the possibility of only negative consequences.
- Keshav Ram Singhal
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