Redefining what 'risk' means. We are at our "Think Different" best again!
Building High Performing Cybersecurity Teams |Cyber Insurance, Cyber Risk Quantification, AI Risk Management | Author - Monkey, Shakespeare, Typewriter |
What began as an exercise in creating a versatile risk assessment framework turned into an inquiry into the purpose and nature of risk itself! It felt like one of those 'purpose of life' discussions we have so often. 😇 After reviewing risk definitions across various standards, we realised a crucial, but simple, element was missing—an element so vital that its absence obscures the meaning of 'risk.' Everyone just assumed that we intuitively know how to articulate a risk. So, we moved on and focused on explaining risk components — like probability and impact — in detail. You will find enlivened discussions and heated debates about these components. So, we took some time out to describe how to write a risk! We call it 'Risk Event'. 😶 In our definition, risk comprises of 4 parts: Risk Event, Probability, Impact, Loss. For more details, check out our attached document where we break down our definition of risk.