The Enterprise Risk Management — Integrating with Strategy and Performance (COSO ERM Framework) by COSO defines risk as "the possibility that events may occur that influence the achievement of the company's strategy and objectives". This includes both negative effects (such as a reduction in revenue targets or damage to reputation) as well as positive impacts (i.e., opportunities, such as an emerging market for new products or cost-saving initiatives). Enterprise Risk Management - Applying enterprise risk management to environmental, social and governance-related risks • October 2018 (COSO - WBCSD)