The definition of risk in King IV consists of three parts, namely uncertainty of events, the likelihood of such events occurring and their effect, both positive and negative. The John Collier survey prepares you golf club to mitigate against these and positions you to thrive.
The John Collier survey demonstrates how the King IV’s understanding of risk balances the traditional, negative view of risk with one that recognises the potential opportunities inherent in some risks. Thus, an opportunity may present itself as the potential upside of a risk that could adversely affect the achievement of organisational objectives.
King IV principle II:
“The governing body should govern risk in a way that supports the organisation in getting and achieving its strategic objectives”