Risk appetite: how much the company likes risk/avoids risk

Risk symptoms: the signs that the risk is happening

Residual risk: the risk leftover after putting in measures to eliminate risk

Risk register: a PM document that captures info on all identified risks

Risk: the possibility of something happening

Characteristics of risk

• uncertain
• has consequences eg. delays, costs, labour, goals
• likelihood it will happen
• severity of the risk’s impact if it did happen
• Not always bad but 9/10 are negative

Categories of risk:

• financial
• operational
• reputational
• strategic
• governance/compliance