Everything You Wanted to Know About Management of Risk: Guidance for Practitioners (M_o_R) in Less Than One Thousand Words
The M-o-R guide is intended to help organisations put in place an effective framework for taking informed decisions about the risks that affect their performance objectives across all organisational activities, whether these be strategic, programme, project or operational. M-o-R defines risk as "An uncertain event or set of events which, should it occur, will have an effect on the achievement of objectives. A risk consists of a combination of the probability of a perceived threat or opportunity occurring and the magnitude of its impact on objectives". Within this definition 'Threat' is used to describe an uncertain event that could have a negative impact on objectives or benefits; and 'Opportunity' is used to describe an uncertain event that could have favourable impact on objectives or benefits.