Risk. One of the most frequently used words in the modern
commercial world. We have risk registers, risk appetites, cyber
risk, risk matrices, Risk (the board game – Google it) and
soon, a National Risk Assessment. Our lives are dominated by
decisions calculated to achieve the best outcome (or avoid the
worst).
Regulators have for some years favoured a risk-based approach to
regulation. In a world where economic, cultural and political
agendas vary enormously, it makes sense to utilise such a system.
Regulation which enables sufficient flexibility to accommodate
diversity of approach, but incorporates commonality of purpose, is
more likely to lead to widespread adoption and thus achieve its
goals.
