1. Welcome to
Risk Management
Term and Conditions

2. This course talks about
so it is important to be clear about terms from the beginning.
According to the Australian and New Zealand Standard
(Standards Australia and Standards New Zealand, 1999
RISK MANAGEMENT

4. The chance of something happening that will
have an impact upon objectives. It is measured
in terms of consequences and likelihood (p. 3).

5. Is Defined As:

6. An iterative process consisting of well-defined steps
which, taken in sequence, support better decision-
making by contributing a greater insight into risks
and their impacts. The risk management process can
be applied to any situation where an undesired or
unexpected outcome could be significant or where
opportunities are identified (p. iii).

7. When a Crisis, in turn, escalates we then have a Disaster: A
catastrophic event that severely disrupts the fabric of a
of the various levels of government to return the community to
normality. By Zamecka and Buchanan (2000)

8. Any situation that has the
potential to affect long-term
confidence in an organization
or a product, or which may
interfere with its ability to
continue operating normally

9. An iterative process consisting of well-defined steps
which, taken in sequence, support better decision-
making by contributing a greater insight into risks and
their impacts. The risk management process can be
applied to any situation where an undesired or
unexpected outcome could be significant or where
opportunities are identified