Publication

The Emergence of Risks: Contributing Factors

2010
Reports

Abstract

With this report, IRGC aims to raise awareness among professionals about the fact that risks emerge from a common “fertile ground” that is cultivated by twelve generic “contributing factors”. IRGC defines and illustrates these generic factors, which are applicable across multiple domains. An understanding of these factors will provide practitioners with insights to help anticipate these risks and better manage them at the early phase. While the origins of emerging risks often require a basic understanding of the physical and life sciences, several of the factors identified in this report have a psychological, social or economic dimension.

Official source

https://infoscience.epfl.ch/entities/publication/93d86ea3-8561-4c53-bdee-3dde6d52982c

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2010
Reports

Abstract

Official source

https://infoscience.epfl.ch/entities/publication/93d86ea3-8561-4c53-bdee-3dde6d52982c

About this result

Related concepts (32)

Business risks

The term business risks refers to the possibility of a commercial business making inadequate profits (or even losses) due to uncertainties - for example: changes in tastes, changing preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc. Every business organization faces various risk elements while doing business. Business risk implies uncertainty in profits or danger of loss and the events that could pose a risk due to some unforeseen events in future, which causes business to fail.

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Risk

In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".

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