The word risk is usually associated with adverse or negative events; and risk management has usually been about addressing potential negative issues.

However, risk and opportunities are often two sides of the same coin. Consider for example, the possibility of taking on a major new client. It is a fantastic opportunity for growing your business but this opportunity presents potential threats as well. Will it result in signficantly reduced spread in your client base? Are there contractual conditions that may be overly onerous on your business or require significant investment in additional resources/infrastructure?The 'threats' if managed well from the outset can go a long way to ensuring that capturing this opportunity does indeed deliver the benefits of business growth.

The new International Standard ISO31000:2009 Risk management - Principles and guidelines, redefines risk as the "effect of uncertainty on objectives". Risk management is about managing the uncertainties that could affect the achievement of your business goals.

Effective implementation of risk management can be a real value driver for a business, regardless of its size. Find out more in Issue 15 March 2010 of Ruminations.