Glossary definition: Risk Source

Managing Risk Sources: A Guide to Identifying & Mitigating Risk

Risk Source is a term used to describe the origin of a potential risk that could affect an organization, project, or process. It is typically used to identify and assess the potential risks associated with a given situation and can help in developing strategies to reduce or avoid those risks. Risk Sources can include external factors such as economic conditions, natural disasters, legal or regulatory changes, or internal factors such as organizational structure, processes, or personnel. Risk Sources can also include a combination of both external and internal factors. Risk Source identification and assessment is a critical component of any risk management program and can help organizations to identify and mitigate potential risks before they become a problem.