What is defined as the effect of uncertainty on objectives?

Risk is defined as the effect of uncertainty on objectives, according to the ISO 31000 standard, which provides principles and guidelines for risk management1 Risk can be positive or negative, depending on whether the uncertainty affects the achievement or the failure of the objectives. Risk can also be expressed in terms of likelihood and impact, which indicate the probability and the consequence of the risk occurrence. Risk management is the coordinated activities to direct and control an organization with regard to risk. Risk management is an integral part of the TOGAF standard, as it helps to identify, assess, and treat the risks that may affect the architecture development and implementation2 References: 1: ISO 31000:2018, Risk management — Guidelines, Clause 3.1 2: The TOGAF Standard, Version 9.2, Part III: ADM Guidelines and Techniques, Chapter 32: Risk Management