ARL Logo
Risky Thinking
On Risk Management, Business Continuity, and Security
19 October, 2017
Is Your Business Continuity Plan Mobile Ready?
With Plan424 it could be.

Risk (Definition)

  1. (ISO/IEC Guide 73). The combination of the probability of an event and its consequences.
  2. (Business Continuity). The probability that an asset will be harmed due to a specific cause.
  3. (Insurance). An asset which is insured. For example, if you have a life assurance policy and a homeowner's policy, the industry considers you and your house to be risks.

Risk is sometimes separated into pure risk — where the only possibility to be considered is that of loss — and speculative risk — where there is a possibility of gain as well as loss. From a business perspective, these distinctions are rarely useful since running a business (and all the risks that are involved) are speculative risks.

You are welcome to use these definitions for any purpose provided that an acknowledgement is made
to www.riskythinking.com and (if you're using HTML) you provide a link back to this site.

[ Back to Risk Glossary ]

Risky Thinking Newsletter

Are you responsible for Business Continuity, Disaster Recovery, or Risk Management in your organization? Then you may wish to receive a free subscription to the the monthly Risky Thinking Newsletter. It contains news, opinions and articles of interest to people working in these areas.

View a sample issue, or click here to subscribe.

Recent articles have included:

A fast-food restaurant is not a good place for a discussion on risks. Common industry practices can amplify otherwise miniscule risks, and the restaurant owner may well be the victim of the risk management practices of his suppliers. Read more...

© Albion Research Ltd. 2017