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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 the losses; also known as risk retention or assumption |
| Audi 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 considered risky |
| Brand erosion | The deterioration or destruction of a corporate or product brand |
| Chief risk officer | 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 | 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 |
| 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 or situations that directly impact a company’s cash flow |
| Hazard Risks | 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 | Adapting to the environment in advance of the occurrence of events; taking advantage of opportunities rather than reacting to problems |
| Pure Risks |
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