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301 SM-075 Glossary

Risk

QuestionAnswer
Acceptance A risk response strategy that involves accepting a risks 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 no 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 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 credit rating or measure of relative credit risk; usually accompanied by an increase in expenses and a decrease in creditworthliness.
Environmental Scan A three step process in which business 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 a company's cash flow
Hazard Risks Potential events and situations that can cause injury or harm to people, property, or the enviorment.
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 reacting to problems.
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's identification process.
Risk Identification A risk management process that involves recognizing risks that could impact a business objective to prioritize risks.
Risk Impact/ Probability Chart A framework used to determine the severity of risks if they occur; used by risk managers to prioritize 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 determining the potential severity of 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 situation that can affect the execution of an organization long term plan.
Transference A risk response strategy that involves moving the impact of a risk to someone or something else.
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