The University of SydneyPage 11A few definitions–What is Risk?–“a situation involving exposure to danger” –Dictionary–“the chance of something happening that will have an impact on objectives” -AS/NZS 4360–“effect of uncertainty on objectives” -AS/NZS ISO 31000–Usually specified in terms of an eventor circumstance and the consequences that may flow from it.–Risk is measured in terms of a combination of the consequences of an event and their likelihood–Risk may have a positive or negative impact