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301 Key Term
Risk
| Question | Answer |
|---|---|
| Acceptance | a risk-response strategy that involves accepting a risk's consequences because the potential payoff is higher than the losses; also knowns as risk retention or assumption |
| Audit report | a document that describes the accuracy and appropriateness of a business's information, processes, and/or systems |
| 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's risk- management activities, which include the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain |
| Contingency plan | specific guidelines and activities 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 about their surroundings, 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 on a company's cash flow |
| Hazard risks | |
| Acceptance | a risk-response strategy that involves accepting a risk's consequences because the potential payoff is higher than the losses; also knowns as risk retention or assumption |
| Audit report | a document that describes the accuracy and appropriateness of a business's information, processes, and/or systems |
| 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's risk- management activities, which include the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain |
| Contingency plan | specific guidelines and activities 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 about their surroundings, 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 on a company's cash flow |
| Hazard risks | |
| Acceptance | a risk-response strategy that involves accepting a risk's consequences because the potential payoff is higher than the losses; also knowns as risk retention or assumption |
| Audit report | a document that describes the accuracy and appropriateness of a business's information, processes, and/or systems |
| 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's risk- management activities, which include the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain |
| Contingency plan | specific guidelines and activities 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 about their surroundings, 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 on a company's cash flow |
| Hazard risks | potential events and 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 |
| Mitigation | a risk-response strategy that involves reducing or controlling the impact of a risk if it occurs |
| Operational risks | possible events and stations resulting from employee actions, core processes, and daily businesses 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 risk | a risk that carries the possibility of loss or no loss |
| Reactive | hesitant to take action; passive; waiting for changes to occur before acting |
| Retroactive risks | Risks that have previously changed |
| Risk | the possibility of loss (failure) or gain (success) |
| Risk-averse | avoiding risk whenever possible |
| Risk checklist | a standardized list of risks 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 risks that could impact a business's objectives and activities |
| Risk impact/ probability chart | a framework used to determine the severity of risks if they occur; used by risk managers to prioritize risks |
| Risk management | a business activity that involves the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain |
| Risk measurement | a risk-management process that involves determining the potential severity of different risks |
| 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, ands developing responses work and workaround for previously unidentified risks |
| Risk register | a record or listing of risks that could potentially impact business or project |
| Risk response | a risk management process that involves selecting the most effective ways to handle different risks |
| Risk-seeking | looking for ways to turn risk 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 execution of an organization's long term-plans |
| Transference | a risk-response strategy that involves moving the impact of a risk to someone or something else |
Created by:
alondrae
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