1. Risk
Risk can be defined as the combination of the
probability of an event and its consequences
(ISO/IEC Guide 73).
In all types of undertaking, there is the
potential for events and consequences that
constitute opportunities for benefit (upside) or
threats to success (downside).
Risk Management is increasingly recognised as
being concerned with both positive and
negative aspects of risk. Therefore this
standard considers risk from both perspectives.
In the safety field, it is generally recognised
that consequences are only negative and
therefore the management of safety risk is
focused on prevention and mitigation of harm.