a. Definition of Risk

1. An obstacle to the achievement of objectives.
   2. According to ISO 31000, risk is “the effect of uncertainty on objectives”, where an effect is a positive or negative deviation from what is expected.

b. Definition of Risk Management

1. According to ISO 31000, risk management refers to coordinated activities to direct and control an organization with regard to risk.

c. Risk Management Structure

d. University Risk Management Committee