Putting the benefit into risk

We're playing around with a new definition of risk.

It's inspired by CAPUR's, 'Improving Society's Management of Risks: A Statement of Principles.'

CAPUR's definition is…

"Risk an idea about what might happen in the future (good or bad)"

We very much like the clarity that 'risk' can be good or bad in this definition.

Mind you, I'm not sure what work 'in the future' is doing, that's not already done by 'what might happen'.

It'd be a better definition as.

"Risk an idea about what might happen (good or bad)"

I think it's much clearer definition of the threat v opportunity core of risk that ISO 31000's tries to encapsulate with its cryptic definition.

"Risk is the effect of uncertainty on objectives"

Both are leaps and bounds better than the most commonly used definition of risk…

"The likelihood of something bad happening"

There are no benefits to risk in this definition.

In VALID's risk model. An Acceptable risk is one where each year there are more than a million good outcomes for every bad outcome.