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.

A document that describes the accuracy and appropriateness of a business’s information, processes, or systems

A risk-response strategy that involves choosing not to do something considered risky.

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.

The specific guidelines that are used when responding to undesirable circumstances; an alternative course of action .

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.

A three-step process in which businesses gather information on their surroundings, analyze that information, and determine its future impact of that information.

The price or value at which one currency can be converted to another.

Guidelines explaining what to do and how to recover if a contingency plan fails.

Possible event and situation that directly impact a company's cash flow.

Potential events or situations that can cause injury or harm to people, property, or the environment.

The effect or influence of an event.

A record of accidents, injuries, and other mishaps occurring at a particular business or in a certain department.

A risk-response strategy that involves reducing or controlling the impact of a risk if it occurs.

Possible events and situations resulting from employee actions, core processes, and daily business activities.

Adapting to the environment in advance of the occurrence of events; taking advantage of opportunities rather than reacting to problems.

The likelihood that an event will occur.

Risks that have not happened before but could occur in the future.

A risk that carries the possibility of loss or no loss.

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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.
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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