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Risky Thinking
On Risk Management, Business Continuity, and Security
26 May, 2017
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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.

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The tragic events in Mumbai are rapidly disappearing over the world's news event horizon. Often the only positive feature of any tragedy is to ask what lessons can be learned from it. What lessons can be learned by business continuity planners from the terrorist attacks in Mumbai? Read more...

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