King Edward VII College Risk Management Plan The risk assessment process will be used by the management team to ensure risk control methods are included in all organisational planning, management of operations and governance. Definitions The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS 4360:2004. Risk The chance of something happening which will have an impact upon objectives. It is measured in terms of consequence and likelihood. Likelihood A qualitative description or synonym for probability or frequency Consequence The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury, disadvantage Read More …