Risk Based Thinking is the activity of considering risks that ensures the risks are identified and considered to be controlled and managed throughout planning and implementing with the quality management system.
Reference Definition by ISO: Risk Based Thinking refers to a coordinated set of activities and methods that organisations use to manage and control the many risks that affect its ability to achieve objectives. Risk based thinking replaces what the old standard used to call preventive action. Whilst risk based thinking is now an essential part of the new standard, it does not actually expect you to implement a formal risk management process nor does it expect you to document your organisation’s risk based approach.
Related Definitions in the Project: The Project Management; Risk Management
