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Risky Thinking
On Risk Management, Business Continuity, and Security
19 October, 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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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...

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