Final answer:
COSO and ISO provide different definitions of risk, but both highlight the impact of uncertainty on objectives.
Step-by-step explanation:
COSO (Committee of Sponsoring Organizations of the Treadway Commission) defines risk as the possibility that events will occur and affect the achievement of an organization's objectives. In other words, it is the uncertainty that may impact the organization's ability to achieve its goals.
ISO (International Organization for Standardization) defines risk as the effect of uncertainty on objectives. It considers risk as the combination of the likelihood of an event occurring and the impact it would have on the objectives.
Both definitions highlight the concept of uncertainty and how it can impact the achievement of objectives. COSO focuses on events that may affect the organization, while ISO emphasizes the combination of likelihood and impact of those events.