Risk realization defines the ability of an organization to
recognize threats, vulnerabilities and hazards and understand
how those risks impact successful operations. Too often, a
company may recognize risks, but may not always see or
understand the complexities or interdependencies of risk on a
broad or more global scale. Decisions are made at an executive
level to prevent, mitigate, and control risks, however there may
be unintended or negative consequences of the decisions.
Regardless of the decision and actions taken to manage the
risk(s), there will be an altered state of risk following the
action(s). It’s important for company risk managers and
executives to keep informed about the modified impacts due to
altered risk states.  An example of risk realization gone wrong
is the recent BP oil spill. The media has reported that BP Oil
company has developed many risk scenarios across multiple risk
models. Yet, they apparently were totally unprepared to contain,
control, and manage a spill of the magnitude exp