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301 Key Terms
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 known 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 | An executive response for a business's risk-management activities, which include the planning, controlling, preventing, and limiting of a 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 of 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 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 particularly 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 or 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 occurred |
| 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 risk-management process that involves the planning, controlling, preventing, and limiting of a business losses and enhancing possibilities of 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, and developing responses and workarounds for previously unidentified risks |
| Risk Register | A record or listing of risks that could potentially impact a 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 Risks | 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:
big.von
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