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301 key term
risk
| Term | Definition |
|---|---|
| acceptance | a risk response strategy that involves accepting a risk's consequences because the potential payoff is higher than |
| 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 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 risk | possible events and situations that directly impact a company's cash flow |
| hazard risk | 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 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 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 | |
| risk | |
| risk-averse | |
| risk checklist | |
| risk identification | |
| risk impact/probability chart | |
| risk management | |
| risk measurement | |
| risk monitoring and control | |
| risk register | |
| risk response | |
| risk-seeking | |
| risk-tolerant | |
| speculative risk | |
| strategic risks | |
| transference |
Created by:
Brihana1
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