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Last edited 22 Dec 2020
The Orange Book, Management of Risk - Principles and Concepts, Published by HM Government in 2020, sets out the main principles underlying effective risk management in all government departments and arm’s length public bodies with responsibility derived from central government for public funds.
It defines consequences as: ‘…the outcome of an event affecting objectives, which can be certain or uncertain, can have positive or negative direct or indirect effects on objectives, can be expressed qualitatively or quantitatively, and can escalate through cascading and cumulative effects.’
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