ABSTRACT
As the commercial, legal, regulatory, political, financial, social, technological and security environment becomes more complex, global, interconnected, challenging and ‘risky’ than ever before, the effective management of risk is clearly key to an organisation achieving its objectives and, in certain cases, its survival. Risk is often viewed purely in the negative, and about prevention; however, the discipline of risk management is concerned with both the ‘upside’ of risk and maximizing opportunities and the ‘downside’ of risk and addressing problems. As Steve Fowler, CEO of the Institute of Risk Management (IRM), cites:
Risk management provides us with a framework for dealing with and reacting to uncertainty (Fowler, 2006).
