It is no longer as simple as the “chance or probability of loss”, but the “effect of uncertainty on objectives.” Risk now refers to the positive consequences of uncertainty as well as the negative ones. The latest version of the ISO Quality Management Standard (ISO 9001:2015) has a requirement for “risk-based thinking.”
Managers use Envision to link risk to processes, tasks, roles, and locations – all types of risk can be connected to every activity.