Riskikenttä

Riskikenttä is a concept used in risk management to describe the landscape of uncertainties that can affect objectives. It encompasses the sources of risk, their likelihood, potential impacts, and the controls in place. The Finnish term combines risk with kenttä, meaning field or domain, underscoring that risks form a connected domain that can be analyzed collectively.

A riskikenttä typically comprises categories such as strategic, financial, operational, compliance, hazard, and reputational risks. Each risk is characterized by its probability of occurrence and its potential impact, producing a risk exposure or score when combined with existing controls and mitigations. Visualization often uses heat maps or risk matrices to illustrate relative urgency and severity.

Methods used to analyze a riskikenttä include qualitative assessments, quantitative modeling, FMEA, bow-tie analysis, scenario planning, and the monitoring of leading indicators. The assessment aims to identify, classify, and prioritize risks to support decision making.

Applications span strategic planning, project governance, safety management, insurance, and regulatory compliance. The outputs inform mitigation actions, resource allocation, and monitoring of residual risk against an organization’s risk appetite.

Limitations include subjectivity in assessments, data quality and timeliness, and the inherently uncertain nature of the future. The riskikenttä is dynamic and requires regular updates to reflect changing internal conditions and external events.

See also: risk assessment, risk management, risk matrix, hazard, residual risk. Etymology: riskikenttä is Finnish for risk field.