risk-assessment

Vocabulary Word

Definition

'Risk-assessment' refers to the process of identifying what could possibly go wrong in a situation and estimating the likelihood and effects of those risks. Think of it as checking the weather forecast before going on a picnic.

Examples in Different Contexts

For creative professionals, 'risk-assessment' could relate to gauging the audience's potential response to an unconventional art piece. A gallery owner might mention, 'We conducted a risk-assessment before displaying the avant-garde sculpture to anticipate varied reactions.'

Practice Scenarios

Tech

Scenario:

We've been noticing a significant increase in suspicious activities on our network recently. What measures can we take to strengthen our defenses?

Response:

We need to perform a comprehensive risk assessment to identify potential threats and strengthen our cybersecurity.

Business

Scenario:

With these new competitors entering the market, our company's position could be jeopardized. How do we protect our market share?

Response:

We need to conduct a thorough risk assessment to identify threats to our market position and develop strategies accordingly.