This document defines key terms and concepts related to risk management. It defines risk as the chance of something happening that will have an impact on objectives, measured in terms of consequences and likelihood. It defines risk management as an iterative process consisting of well-defined steps to support better decision making by providing greater insight into risks and their impacts. It also defines a crisis as an event that can escalate into a disaster when it severely disrupts a community, and defines risk as any situation that could affect long-term confidence in an organization.