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A risk of high probability that is likely to create an impact of some significance.
Significant risk are those that are not trivial in nature and are capable of creating a real risk to health and safety which any reasonable person would appreciate and would take steps to guard against.
The definition of risk in general are events that may occur and prevent the acheivement of the company objectives.
Significant risks are the risks that have high probability of occurance (likelihood), and have high or severe impacts e.g loss of reputation, loss of customers, loss of market share ....etc
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