Change the conversation from risk to uncertainty management

Present use of the term ‘risk’ is ambiguous. Best practice regards risk as encompassing both threat and opportunity, but guidance often speaks in terms of threat management, and in common parlance risk is more usually synonymous with threat.  An obvious first step towards uncertainty management is to remove this ambiguity by using the term ‘uncertainty’ in the everyday sense of‘ lack of certainty’ as a starting point.

Risk management Uncertainty management
a downside risk a threat (giving rise to downside risk)
an upside risk an opportunity (giving rise to upside risk) a source of
a risk (upside or downside) a source of uncertainty
a (possible) source of risk a problem an issue
an impact a consequence/effect
a weakness an issue
a poor allocation inadequate an inappropriate/unclear allocation Inappropriate
avoid risk resolve uncertainty
mitigate modify
lack of shortage or surplus of
major risk significant uncertainty
absence of availability of

Exploring Uncertainty: The Movie

Having fantastic artwork produced by the brilliant Mark Mitchell wasn’t enough for us here at Risk Insights.. we simply had to make Exploring Uncertainty: The Movie.

So grab yourself some popcorn, darken the room and settle back for the best 96 seconds of risk-management based entertainment you’ll see this side of The Donald, the FBI and a red button being in the same room.

Oscar darling, we’re coming for ya!