What aspect of consequences is defined in relation to risk?

The aspect of consequences defined in relation to risk pertains to how outcomes impact the objectives of an organization. This connection emphasizes that risk is not just about the likelihood of an event occurring, but also about the potential impact those events can have on achieving specific goals.

When considering risk, it is essential to evaluate what happens if adverse events occur and how they can affect performance metrics and overall success. This is why focusing on outcomes that affect objectives provides a comprehensive understanding of risk—it's about aligning risk management with the strategic aims of the organization.

Other options, while they may be relevant in the context of risk management, do not directly connect the consequences of risk to the impact on objectives in the same manner. For instance, the time taken to resolve issues may influence operational efficiency but does not necessarily address the broader implications for the organization's goals. Selective reporting of incidents might obscure the true risk landscape and hinder informed decision-making, but it lacks a direct focus on how the consequences relate to objectives. Lastly, documentation of processes is important for maintaining consistency and communication within risk management efforts, yet it does not pertain to the specific consequences derived from risk itself.