The potential for consequences where something of value is at stake and where the outcome is uncertain, recognizing the diversity of values. Risk is often represented as probability of occurrence of hazardous events or trends multiplied by the impacts if these events or trends occur. Risk results from the interaction of vulnerability, exposure, and hazard.
effect of uncertainty on objectives
Note 1: An effect is a deviation from the expected. It can be positive, negative or both. An effect can arise as a result of a response, or failure to respond, to an opportunity or to a threat related to objectives..
Note 2: Objectives can have different aspects and categories, and can be applied at different levels.
Note 3: Risk is usually expressed in terms of risk sources, potential events, their consequences and their likelihood.