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what's the difference between criticality, risk and consequence

Knowing the Difference Between Criticality, Consequence and Risk Can Lead to Better Business Outcomes and Avert Disaster

When it comes to managing an organization’s physical assets, it is crucial to understand the difference between criticality, consequence and risk. Organizations that focus on risk attempt to reduce intolerable risks to tolerable levels, while ignoring critical assets posing a low-risk. While companies may acknowledge the criticality of their assets, they may do little or […]