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301 Key Term

Risk

TermDefinition
Acceptance A risk-response strategy that involves accepting a risk’s consequences because the potential payoff is higher than the losses; also known as risk retention or assumption.
Audit report A document that describes the accuracy and appropriateness of a business’s information, processes, or systems
Avoidance A risk-response strategy that involves choosing not to do something considered risky.
Brand erosion The deterioration or destruction of a corporate or product brand.
Chief risk officer (CRO) An executive responsible for a business’s risk-management activities, which include planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain.
Contingency plan The specific guidelines that are used when responding to undesirable circumstances; an alternative course of action .
Credit downgrade The reduction of a business’s credit rating or measure of relative credit risk; usually accompanied by an increase in expenses and a decrease in creditworthiness.
Environmental scan A three-step process in which businesses gather information on their surroundings, analyze that information, and determine its 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 event and situation that directly impact a company's cash flow.
Hazard risk Potential events or situations that can cause injury or harm to people, property, or the environment.
Impact The effect or influence of an event.
Incident log A record of accidents, injuries, and other mishaps occurring at a particular business or in a certain department.
Mitigation A risk-response strategy that involves reducing or controlling the impact of a risk if it occurs.
Operational risks Possible events and situations resulting from employee actions, core processes, and daily business activities.
Proactive Adapting to the environment in advance of the occurrence of events; taking advantage of opportunities rather than reacting to problems.
Probability The likelihood that an event will occur.
Prospective risks Risks that have not happened before but could occur in the future.
Pure risks A risk that carries the possibility of loss or no loss.
Created by: Martin.A
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