23 Consult views risk management as the identification, evaluation, and prioritisation of risks followed by advising on the coordinated and economical application of resources to minimise, monitor, and control the probability or impact of unforeseen events or to maximise the realisation of opportunities.

Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or asset lifecycle), legal liabilities, credit risk, accidents, natural causes and disasters, terrorism, or events of uncertain or unpredictable nature.

We can help record risks and develop mitigation strategies to manage threats, which typically include:

• Avoiding the threat
• Reducing the effect or probability of the threat
• Transferring all or part of the threat to another party
• Retaining some or all the potential or actual consequences of a particular threat, and the opposites for opportunities