5 What is the relationship between threats and opportunities?

If threat and opportunity are both types of risk, how are they related?
[NOTE: We have recently discovered an audio problem on the first ten videos in this series, including this one, which causes the sound level to vary. We apologise for this problem and the video production team are trying to fix it. We hope it does not spoil your enjoyment of the video content.]

[@markcaton9406]

Hey David, I'm about to start a new job in Risk Management... I worked with ISO 9001, 14001, 45001 and 27001 prior so I have sommmmme relevant experience, these videos are helping me greately, thank you so much!

[@Risk-Doctor]

Hello again Mark, thanks for this encouragement. Often the best experience in unsderstanding and managing risk is gained on the job, as you ask and answer key questions and try to find out what's REALLY going on and why, then consider what that means for the future. I wish you success in your new job. May you find more opportunities than threats!!

[@moussasarr6170]

Thanks for these videos!

[@Risk-Doctor]

You're very welcome Moussa.

[@itube.995]

Wonderful 👍👍👍👍

[@Risk-Doctor]

Thank you very much

[@mcgfr]

Risk, threats, and opportunities in risk management,...
So, bad risk is threats, opportunities is good risk?

[@Risk-Doctor]

You've got it! Risk is a double-sided concept, defined as "uncertainty that matters". It matters because if it occurs it will affect our ability to achieve our objectives. If the effect is negative, then we call that risk a threat. If the effect is positive, we call it an opportunity. Both are risks and both can be managed through the risk management process, ideally in an integrated approach.

[@nenadsusic8276]

David thank you for the link to this video. Do you discuss interdependencies of threats across different parts of the organisation?

[@Risk-Doctor]

Hello again Nenad. I don't specifically address risk interdependence in this video series, although it is mentioned in #50 "What is enterprise risk management?" (czcams.com/video/bAoBJpz9K5E/video.html). The idea of risk connectivity (or risk cladistics) is quite new, and not a lot has been written or spoken about it (yet!!). Watch this space!

[@jigneshpadia]

@@Risk-Doctor Thank you David for your ongoing contribution to the risk community. Hey Nenad - you may wish to also explore the following for a global risk interaction map and methodology. reports.weforum.org/global-risks-2019/survey-results/global-risks-landscape-2019/#risks///