Risk and Risk Management

On October 16th, 2011, Posted by author

Last modified: October 26, 2015

Risk is defined as “the possibility of loss, injury or other adverse or unwelcome circumstance; a chance or situation involving such a possibility” (OED). Risks are present in a large number of fields and areas of human endeavour and can be caused my natural or human agencies.

Risks can be categorised broadly into five groups.The first group comprises of pure risks that are the results of accidents leading to injuries, losses or damage. There are no benefits accruing to anyone involved in the risk. The second group consists of dynamic risks that are caused due to the threatening situations like in the weather conditions, political issues that involve risks. The third group is called speculative risks that result in  benefits or  losses to the risk-takers according to the activity or its lack in fields such as in business ventures and financial investments. The fourth group of risks are the static risks which are unchanging and persistent like in the venturing into manufacture depending only  on a single source of supply of the components. The fifth group consist of the inherent risks. These risks are unavoidable, and are linked to the very nature of the business as in market competition, transport, mining, nuclear power, airlines industry and so on.

Risk cannot be totally avoided, but its effects can be mitigated or lessened in theRisk Managementmagnitude of its occurrence through conducting risk management assessments of the probable risks that can be anticipated. Security surveys can be used for this purpose. Each field has its own type of risk management assessments. Risk management can identify, assess, and prioritise risks (ISO 31000) so that the risks can be minimised by the application of corresponding and cost-effective measures. But broadly speaking, security surveys can include items such as the assets under risk – human, information or data and property, and the vulnerable access points that could be threatened by the risk. Risks can be managed by transferring the risk to another party (such as insurance), taking steps to avoid or mitigate the risk or even bearing the outcomes of certain risks by pre-planning and making adjustments.

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