Risk Events and Consequences
Based on the previous definition a risk consists of three elements. Click the images to find out more...
A risk event
A definable occurrence which cannot be predicted with absolute certainty. An example of a risk event is... ‘It might rain tomorrow’
Consequences of a risk event
One or more defined outcomes caused directly, or indirectly, by the risk event occurring. For instance, the consequence of rain tomorrow will impact on your plans, such as a spoiled picnic.
Probability of occurrence
The defined likelihood or predictability that the risk event will occur.
