Risk is a generic term for any discrete event that has an impact on the organisation, activity or asset. Risk is often perceived as having a negative impact, however this is not always the case. It is generally accepted that a negative impact risk is termed “threat” and a positive impact risk is termed “opportunity”
Risks are normally described as having a value (cost, time or both) and a probability (likelihood of the risk occurring) and an active date range (when the risk is likely to occur and when the risk can be retired). It may also have a mitigation value that enables the organisation to invest before the risk event is triggered to alter the impact and / or the probability that the risk will occur.
Unmanaged risk on a project threatens revenue and can cause serious harm. Effective risk-management specialists work closely with you to develop risk mitigation and management strategies for your project. Workshops, led by some of the most experienced personnel in the industry, help project teams to identify risks, assess them objectively, and prioritize them for further action.
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