The idea of risk has played a centrol role of my work over the past two decades and what is important to recognise is that achieving sustainability must inherently recognise and accept uncertainty. This should be considered at al all levles. Risk management is a collection of techniques and methodologies to help identify the uncertainties (whether threats or opportunities) that could impact on business, programme or project objectives. The intended outcome of risk management is to increase benefits from opportunities or to mitigate or eliminate negative impacts from threats.
It is important to recognise that risk is a component of progress and that we are not always seeking to eliminate risk but to control and manage it where possible. Furthermore, risk can have multiple impacts. This can apply to cost, time, quality, security and even reputation. All can be measured and managed.
Risks should be identified, analysed, managed and reviewed through all phases of a programme or project and in all areas. Projects, particularly large scale mega-projects or major programmes and portfolios have become more common and more complicated over the last twenty years. This has increased the need to understand the complexity an uncertainty of these initiatives.