Risk: **effect of uncertainty on objectives.
- an effect is a deviation from the expected - positive and/or negative.
- objectives: adifferent spects and levels.
- risk: expressed in terms of a combination of 1) the consequences of an event (including changes in cirsumstances), and 2) the associated likelihood of occurence.
- risk: characterized by reference to potential events and consequences, or a combination of these.
Establishing the context
Potential risk treatments
Risk management plan
Review and evaluation of the plan