ABSTRACT
As described in Chapter 1, ‘risk’ can be defined as anything – opportunity, threat, activity or event – with potential for impact on the achievement of the organization’s business objectives. Risk may thus be perceived as being positive and helpful to the organization – ‘up-side risks’, or alternatively be believed to be a negative exposure to be avoided – ‘down-side risks’. We have additionally referred to the characteristics of these risks elsewhere as of ‘value creation’ and ‘value protection’ respectively.
