Risk - Wikipedia. Risk is the potential of gaining or losing something of value.[1] Values (such as physical health, social status, emotional well- being, or financial wealth) can be gained or lost when taking risk resulting from a given action or inaction, foreseen or unforeseen. Risk can also be defined as the intentional interaction with uncertainty.[2] Uncertainty is a potential, unpredictable, and uncontrollable outcome; risk is a consequence of action taken in spite of uncertainty.[3]Risk perception is the subjective judgment people make about the severity and probability of a risk, and may vary person to person. Any human endeavor carries some risk, but some are much riskier than others.[4]Definitions[edit]The Oxford English Dictionary cites the earliest use of the word in English (in the spelling of risque from its from French original, 'risque' ) as of 1. It defines risk as: (Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility.[5]Risk is an uncertain event or condition that, if it occurs, has an effect on at least one [project] objective. This definition, using project terminology, is easily made universal by removing references to projects).[6]The probability of something happening multiplied by the resulting cost or benefit if it does. InformationWeek.com: News, analysis and research for business technology professionals, plus peer-to-peer knowledge sharing. Engage with our community. Risk is the potential of gaining or losing something of value. Values (such as physical health, social status, emotional well-being, or financial wealth) can be. John Bruce "Jack" Thompson (born July 25, 1951) is an American activist and disbarred attorney, based in Coral Gables, Florida. Thompson is known for his role as an. This concept is more properly known as the 'Expectation Value' or 'Risk Factor' and is used to compare levels of risk)The probability or threat of quantifiable damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. Finance: The possibility that an actual return on an investment will be lower than the expected return. Insurance: A situation where the probability of a variable (such as burning down of a building) is known but when a mode of occurrence or the actual value of the occurrence (whether the fire will occur at a particular property) is not.(Reference needed) A risk is not an uncertainty (where neither the probability nor the mode of occurrence is known), a peril (cause of loss), or a hazard (something that makes the occurrence of a peril more likely or more severe). Securities trading: The probability of a loss or drop in value. Trading risk is divided into two general categories: (1) Systematic risk affects all securities in the same class and is linked to the overall capital- market system and therefore cannot be eliminated by diversification. Also called market risk. Non- systematic risk is any risk that isn't market- related. Also called non- market risk, extra- market risk or diversifiable risk. Workplace: Product of the consequence and probability of a hazardous event or phenomenon. For example, the risk of developing cancer is estimated as the incremental probability of developing cancer over a lifetime as a result of exposure to potential carcinogens (cancer- causing substances). International Organization for Standardization[edit]The International Organization for Standardization publication ISO 3. ISO Guide 7. 3: 2. In this definition, uncertainties include events (which may or may not happen) and uncertainties caused by ambiguity or a lack of information. It also includes both negative and positive impacts on objectives. Many definitions of risk exist in common usage, however this definition was developed by an international committee representing over 3. Very different approaches to risk management are taken in different fields, e. Risk is the unwanted subset of a set of uncertain outcomes" (Cornelius Keating). Risk can be seen as relating to the probability of uncertain future events.[7] For example, according to factor analysis of information risk, risk is: [7] the probable frequency and probable magnitude of future loss. In computer science this definition is used by The Open Group.[8]OHSAS (Occupational Health & Safety Advisory Services) defines risk as the combination of the probability of a hazard resulting in an adverse event, and the severity of the event.[9]In information security risk is defined as "the potential that a given threat will exploit vulnerabilities of an asset or group of assets and thereby cause harm to the organization".[1. Financial risk is often defined as the unpredictable variability or volatility of returns, and this would include both potential better- than- expected and worse- than- expected returns. References to negative risk below should be read as also applying to positive impacts or opportunity (e. The related terms "threat" and "hazard" are often used to mean something that could cause harm. Practice areas[edit]Risk is ubiquitous in all areas of life and risk management is something that we all must do, whether we are managing a major organization or simply crossing the road. When describing risk however, it is convenient to consider that risk practitioners operate in some specific practice areas. Economic risk[edit]Economic risks can be manifested in lower incomes or higher expenditures than expected. The causes can be many, for instance, the hike in the price for raw materials, the lapsing of deadlines for construction of a new operating facility, disruptions in a production process, emergence of a serious competitor on the market, the loss of key personnel, the change of a political regime, or natural disasters. Risks in personal health may be reduced by primary prevention actions that decrease early causes of illness or by secondary prevention actions after a person has clearly measured clinical signs or symptoms recognized as risk factors. Tertiary prevention reduces the negative impact of an already established disease by restoring function and reducing disease- related complications. Ethical medical practice requires careful discussion of risk factors with individual patients to obtain informed consent for secondary and tertiary prevention efforts, whereas public health efforts in primary prevention require education of the entire population at risk. In each case, careful communication about risk factors, likely outcomes and certainty must distinguish between causal events that must be decreased and associated events that may be merely consequences rather than causes. In epidemiology, the lifetime risk of an effect is the cumulative incidence, also called incidence proportion over an entire lifetime.[1. Health, safety, and environment[edit]In terms of occupational health & safety management, the term 'risk' may be defined as the most likely consequence of a hazard, combined with the likelihood or probability of it occurring. Health, safety, and environment (HSE) are separate practice areas; however, they are often linked. The reason for this is typically to do with organizational management structures; however, there are strong links among these disciplines. One of the strongest links between these is that a single risk event may have impacts in all three areas, albeit over differing timescales. For example, the uncontrolled release of radiation or a toxic chemical may have immediate short- term safety consequences, more protracted health impacts, and much longer- term environmental impacts. Events such as Chernobyl, for example, caused immediate deaths, and in the longer term, deaths from cancers, and left a lasting environmental impact leading to birth defects, impacts on wildlife, etc. Over time, a form of risk analysis called environmental risk analysis has developed. Environmental risk analysis is a field of study that attempts to understand events and activities that bring risk to human health or the environment.[1. Human health and environmental risk is the likelihood of an adverse outcome (See adverse outcome pathway). As such, risk is a function of hazard and exposure. Hazard is the intrinsic danger or harm that is posed, e. Exposure is the likely contact with that hazard. Therefore, the risk of even a very hazardous substance approaches zero as the exposure nears zero, given a person's (or other organism's) biological makeup, activities and location (See exposome).[1. Another example of health risks are when certain behaviors, such as risky sexual behaviors, increase the likelihood of contracting HIV.[1. Social Aspects of Risk[edit]Individual risk perception and risk taking can also be influenced by social factors.
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