There are many different types of business risk. Risks can be internal and external to your business. They can also directly or indirectly affect your business's ability to operate. Risks can be hazard-based (e.g. chemical spills), uncertainty-based (e.g. natural disasters) or associated with opportunities (e.g. taking them up or ignoring them). The Australian standard defines risk as 'the chance of something happening that will have an impact on objectives'.
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