Risk Breakdown Structure (RBS)

All projects and businesses are subject to the effects of uncertainty, arising from a multiplicity of sources, including technical, management, environmental, commercial etc. Sources of risk can be external to the project or organisation (such as market risk, or the actions of competitors, suppliers or regulators), or internal (arising from people, processes, procedures, organisational culture etc). Risk management has been recognised as an important management approach to dealing with the inevitable uncertainty, aiming to minimise threats and maximise opportunities while maintaining a focus on achievement of objectives.