Risk Event

An occurrence or change of a particular set of circumstances that results in a risk materializing. Risk events can lead to positive outcomes (opportunities realized) or negative outcomes (threats materialized). In RBPM, risk events are analyzed to understand their causes, impacts, and control failures, with this information feeding back into the risk management process. Effective risk event management includes timely identification, appropriate escalation, root cause analysis, and implementation of corrective actions. Risk event data provides valuable input for refining risk assessments and improving control effectiveness.