Introduction The reader will become familiar with the term risk and its definitions coming specifically from the ISO 31000 risk management standard and also with the criminological crime triangle definition of risk. Which of these two definitions is the most suitable for use in the security sector will be discussed and evaluated. We will examine and discuss how and why consequences are important when prioritizing risks and determining where to allocate resources.1. Definitions Security risk management is “the culture, processes and structures that are aimed at maximizing the benefits and minimizing the disadvantages in terms of security, consistently with the achievement of corporate objectives”. (Australia, 2006) And where security is defined as: “the preparation, protection and preservation of people, property and information, both tangible and intangible” (Australia, 2006). Although Brooks (2009) states that safety cannot be easily defined, this text will take the above definitions from the Australian and New Zealand Standards Safety Risk Management Manual to be true. If this definition is true, what can stop an organization from achieving its goals? One answer could be the effects of risks. How is risk defined?1.1. Risk according to ISO The ISO risk management standard ISO 31000:2009 defines risk as the "effect of uncertainty on objectives" (Australia, 2009). The standard is very generic and this definition may require further explanation. The standard manuals suggest that risk is “the possibility that something will happen that will impact objectives… measured in terms of consequences and probabilities”. (Australia, 2004) And this definition could be considered more understandable. ...... middle of paper ...... 2006. Sydney: Standard Australia/Standard New Zealand.Australia, S. (2009). Risk Management - AS/NZS ISO 31000:2009 Principles and Guidelines. 20 November 2009: Standards Australia/Standards New Zealand.Brooks, DJ (2009). What is security: definition through knowledge categorization. Security Journal (newspaper article). Fennelly, L. J. (2004a). Effective physical security (3 ed.). Oxford: Butterworth-Heinemann. Fennelly, L. J. (2004b). Loss Prevention and Crime Prevention Handbook: Elsevier Butterworth Heinemann.Garcia, M.L. (2000). Truth and consequences. Safety Management, 44(6), 44.Kovacich, G.L., & Halibozek, E.P. (2006). Managing Security Metrics: Butterworth-Heinemann.Walsh, T.J., & Healy, R. (2009). Handbook on the Protection of Assets (Vol. 1). Alexandria: ASIS International.Vellani, K.H. (2006). Strategic security management: Elsevier.