Understanding the concept of risk is fundamental to an effective Risk Management! | See the video…
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Some terms used in our Conceptual Diagram of Risk are defined below:
=> Risk: effect of uncertainty on objectives | Note: An effect is a deviation from the expected – positive and/or negative (ISO 31000:2009)
=> Objective: result to be achieved (ISO/IEC Directives, Annex SL, 2012)
=> Opportunity: source of potential benefit to individuals, a system or organization, the environment or the community | Note: Opportunity is a source of risk leading to positive consequences (IEC/ISO CD1 31010:2016)
=> Threat: source of potential non conformity, unwanted incident, or other undesirable situation, which can result in loss, damage, harm to individuals, a system or an organization, the environment or the community | Note 1: The term threat includes but has broader meaning than words such as peril, hazard, jeopardy or danger. | Note 2: Threat is a source of risk leading to potential negative consequences (IEC/ISO CD1 31010:2016)
=> Event: occurrence or change of a particular set of circumstances (ISO 31000:2009)
=> Consequence: outcome of an event affecting objectives (ISO 31000:2009)
=> Likelihood: chance of something happening (ISO 31000:2009)
=> Level of risk: magnitude of a risk, expressed in terms of the combination of consequences and their likelihood (ISO 31000:2009)
This Conceptual Diagram of Risk was created in Brazil in 2004 by QSP (Centro da Qualidade, Segurança e Produtividade) and has been constantly improved.
