The traditional view of risk is negative, representing loss, hazard, harm and adverse consequences. But current best-practice risk guidelines and standards include the possibility of "upside risk" or opportunity, i.e. uncertainties that could have a beneficial effect on achieving objectives.
Despite this theory, most applications of the risk process still concentrate on managing threats, and approaches to opportunity management remain patchy and reactive. The tools and techniques available to practitioners seem to focus attention only on the negative side of risk. This presentation extends the scope of the risk process to include opportunity management explicitly, addressing each phase of the process in turn to identify areas requiring modification.
By modifying the process as proposed, management of opportunities can become integral to risk management, giving them equal status with threats, and seeking to manage them proactively in order to achieve the benefits. Risk practitioners claim to believe that uncertainty has both a positive and a negative side - applying the approach outlined here will enable them to put those claims into practice.
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Added by docpete on June 24, 2009