simplifying risk management
Complicated, subtle factors affect how we perceive risk and these can be exacerbated by the way we receive risk information. We refer to the ways we think about and react to risks as risk perception, and the processes for discussing risk as risk communication. Even when people are in the same or very similar situations, they … Continue reading WDYMB…Risk Perception and Risk Communication?
Understanding is not the same as having information - it is the process of putting that information into context to work out what it means in a particular situation. We conduct a similar process on a larger scale during the 'understand' stage of the risk management process during which we build on our knowledge of an organization to understand the risks it faces.
Risk and risk discussions are often hampered by inconsistent terminology and a high degree of subjectivity. To overcome this, we need to understand what we mean when we ask 'what is risk?'. This article lays out a concept for risk using the ISO definition - the effect of uncertainty on objectives. It breaks individual risks into … Continue reading What is Risk?