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301 Key Term

Risk

TermDefinition
Acceptance a risk response strategy that involves accepting a risks consequence excuse the potential payoff i higher than the losses
audit report a document that describes the accuracy and appropriate of business information process and or system
avoidance a risk response strategy that involves choosing not to do something that is considered risky
brand erosion the deterioration or destruction of a corporate or product brand
chief risk officer (CRO) an executive responsible for a business risk management activities which include the planning controlling preventing and limiting of business losses and enhancing possibilites for gain
contingency plan specific guidelines and activities used when responding to undesirable circumstances an alternatives course of action
credit down grade the reduction of business credit ration or measures of relative credit risk usually accomplice by an increase in expenses and a decrease in credit worthiness
environmental scan a three step process in which businesses gather information about their surrounding analyze that information and determine the future impact of that information
exchange rate the price or value at which one currency can be converted to another
fallback plan guidelines explaining what to do and how to recover if a contingency plan fails
financial risks possible events and situations that directly impact a company cash flows
hazard risks potential events and situation that can cause injuries harm to people, property the environment
impact the effect or influence of an event
incident log a record of accidents injures and other mishaps occurring at a particular business or in a certain department
mitigation a risk response strategy that involve reducing or controlling the impact of a risk if it occurs
operational risks possible events and situations resulting from employees action core processes and daily business activities
proactive adapting to the environment in advance of the occurrence of events taking advantages of opportunity's rather than reacting to problems
probability the likelihood that an event will occur
prospective risk risks that have not happen before but could occur in the future
pure risks a risk that carries the possibilities of loss or no loss
reactive hesitant to take action passive waiting for changes to occur before acting
retroactive risks risks that have previously occurred
risk the possibilities of loss or gain
risk averse avoiding risk whenever possible
risk checklist a standardizing list of risk that a business faces on a regular basis used to speed up the risk identification process
risk identification a risk management process that involves recognizing that could impact a business objectives and activities
risk impact/ probability chart a framework used to determine the severity of risks if they occurs used by risk managers to prioritized risks
risk management a business activity that involves the planning controlling preventing and limiting of business losses and enhancing possibilities for gain.
risk monitoring and control a risk management process that involves determining the effectiveness of current risk response strategies and tools tracking existing risks monitoring new risks and developing response
risk register a record or listing of risks that could potienally impact a business or project
risk response a risk management process that involve selecting the most effective ways to handle differ risks
risk seeking looking for ways to turn risks into a strategic advantage and or capital
risk tolerant accepting risk when necessary but not seeking risk
speculative risk a risk that may result in loss no change or gain
strategic risk possible events and situations that can affect the executor of an organizations long term plan
transference a risk response strategy that involves moving the impacts of a risk to someone or something else
Created by: matthew.i235
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