Timescale of risk impact
Risks can be classified in many ways. Hazard risks can be divided into many types of risks, including risks to property, risks to people and risks to the continuity of the business. There are a range of formal risk classification systems and these will be considered in a later part of this book. Although it should not be considered to be a formal risk classification system, this part considers the value of classifying risks according to the timeframe for the impact of the risk.