Identifying a Crisis: A Critical Factor in Business Continuity Planning
An assessment of risk, made by humans, is open to individual subjective interpretation. This is outlined and expanded by Pidgeon et al. in the
Royal Society Report
(1992, p. 89-134). Hood and Jones also state that “Risk” can be said to comprise perceptions about the loss potential and probability associated with the interrelationship among humans and between humans and their natural (physical), biological, technological, behavioral and financial environments — a complex that may conveniently be termed (the) risk environment. (Hood and Jones , and supported by the
Australian/New Zealand Standard,
AS/NZS 4360, 1995/99). This standard is the first generic risk management standard in the world.