On LinkeDin, James Bore just klicked-off a series of pieces using the card-game poker as an analogy for risk management.
His first piece defines the terms, including an interesting distinction between 'threat' and 'hazard' concerning the presence or absense of
agency.
Previously, I've taken 'hazard' to refer to accidental or natural causes: 'agency' is a nice refinement. That is, agency the adjective, not agency the noun: the CIA, for exmple, definitely faces hazards as well as risks! The meme-style definitions I'm sharing (like the one above) are extracts from the hyperglossary. Here's the full original entry for "Agency":
I'm not so keen on James' definition of [risk] tolerance, though - a topic I think we've discussed previously here on the reflector.
* I'll revise the hyperglossary entry ... but not until the second edition. I am currently proofreading the edited manuscript for the first edition (as submitted back in April) and have been forbidden from meddling with the content other than necessary corrections. Ho hum.
Kind regards/Ngā mihi,
________________________________________