1 What is risk?

This is the first video in the 100 Risk Questions series. The series starts with basic risk concepts, then moves on to the risk process, before addressing more specific areas.
Videos 1-9 cover the following topics:
1. What is risk?
2. How are risks linked to objectives?
3. Are all risks bad?
4. Do we need a different process to identify & manage opportunities?
5. What is the relationship between threats and opportunities?
6. Can all risks be avoided? Why is it sometimes necessary to take risks?
7. What is the difference between risk and uncertainty?
8. What is the difference between risks and problems/issues?
9. Why is risk management important, and how is it linked to the success or failure?
[NOTE: We have recently discovered an audio problem on the first ten videos in this series, including this one, which causes the sound level to vary. We apologise for this problem and the video production team are trying to fix it. We hope it does not spoil your enjoyment of the video content.]

[@francescakray233]

Risk is uncertainty and effects on objectives. Makes sense. Thank you.

[@Risk-Doctor]

Exactly!

[@Bessala]

Risk according to ISO: Effect of uncertainty on objectives. Risk according to PMI: Uncertain event/condition which, if it occurs, has one or more effects on project objectives. For me, these two definitions are quite different. PMI's definition makes a lot of sense for those who manage risks on projects.

[@Risk-Doctor]

Thanks for your comment Simão. I think both ISO and PMI definitions have important similarities - both include uncertainty and effect on objectives. The main difference is that the PMI definition is specific for projects, but the ISO definition is more generic.

[@camanojadhikari88]

Watching these 100 videos for 2nd round . Earlier for mapping in the chart. Now to see the exact flow of concepts. Thank you Doctor**.

[@Risk-Doctor]

Thanks Adikhari, I'm glad you enjyed these videos.

[@Budgies3]

Great help Dr thanks a lot.Am preparing for PM exams, until i see ur video i thought i know ever thing about risk, sooner after i realised i knew nothing lol.

[@Risk-Doctor]

I'm glad it was useful for you.

[@xuangiangtran9511]

Risk depend on objective.

[@Risk-Doctor]

Yes!

[@mohammedanfalshaikh5696]

hi doctor , can you please advise how to perform risk quantification as it is one of the pain areas for every?

[@Risk-Doctor]

Thanks for this question Mohammed. Please watch video #17 "How can risks be quantified?" in this playlist: kzbin.info/www/bejne/e5Wsm5Wmg8l1aZY I hope this addresses your question.

[@PanookyDooky]

Where can I find the best training provider in risk management? Thank you

[@Risk-Doctor]

It depends where you're based and what level of risk training you need. There is no one "best training provider", sorry!

[@raikks]

Hello, David. Just started watching your 100 videos and I'm excited. But before actually starting to watching your videos, I've read all the questions and couldn't find one related to hazard or the difference between a hazard and a risk. And most people confuse those two words as I suppose you know very well.

[@Risk-Doctor]

Hi, thanks for your interest in these videos. I hope you enjoy them. I'm sorry that we didn't include the difference between hazard and risk. Obviously we can't include every possible question on risk! So we tried to think of the main questions that would interest most people. Hazards are really only relevant in the safety risk world, so we didn't discuss it in this series. I'm sure you'll find plenty of useful topics here though!

[@raikks]

Thanks for your reply. Absolutely there are plenty of topics - more like a gold mine in terms of risk management.

[@safif6884]

A hazard is something that can cause harm, e.g. electricity, chemicals, working up a ladder, noise, a keyboard, a bully at work, stress, etc. A risk is the chance, high or low, that any hazard will actually cause somebody harm. For example, working alone away from your office can be a hazard. The risk of personal danger may be high. Electric cabling is a hazard. If it has snagged on a sharp object, the exposed wiring places it in a 'high-risk' category.