What is risk?
Risk is a way to understand the relationship between our uncertainty and our objectives. Risk is “the effect of uncertainty on our objectives.”
Definitions
Discover the meaning of key concepts in legal risk management. Many terms in risk management have special meaning which can help you make a positive impact.
Risk measures uncertainty
Risk is the effect of uncertainty on objectives. This definition of risk is deceptively simple.
What is legal risk?
A legal risk is where the event or consequences are legal in nature. Legal risk analysis requires expert judgement from professionals trained in the law. This does not mean that only lawyers can perform legal risk analysis, nor that lawyers are sufficient for legal risk analysis.