Risk management expert witnesses may provide testimony regarding value at risk, risk management plans, and the risk management process. The Professional Risk Managers’ International Association, an independent association of professional risk managers from diverse industries in more than 150 countries uses the following definition in their Principles of Good Governance:
Governance – The framework of authority for an organization within which its institutional objectives are pursued and within which risk management operates.
Risk – Unknown future circumstances that alter the value or well‐being of an organization or system.
Risk Event – The realization of a specific circumstance that decreases (but could unexpectedly increase) the value or well‐being of an organization or system.
Risk Management- The process of evaluating the potential impact of risk events and shaping business decisions in light of this evaluation.
Read more: PRMIA.org.