what is risk?
"risk" can be defined over a range of nuances, but, for the practical purposes of risk management, the following merriam webster definition fits most cases: "the possibility that something bad or unpleasant (such as an injury or a loss) will happen." in an institution like a university such possibilities are of particular practical concern in up to 6 main areas:
- health and safety;
- operations (i.e. if the risk potentially threatens the actual operations or procedures of a department);
- finance;
- compliance with law, statutes, and regulations;
- reputation (i.e. if the risk has potential to harm the reputation of a department or the institution);
- strategic goals (if the risk could affect a department’s or the institution’s overall goals, development, or even survival).
a particular risk may have potential consequences in any or all of these dimensions.